The month of April is the start of the Spring Market for Residential Real Estate, representing the beginning of the busiest time of year for real estate transactions.   There were 7,114 sales through the Toronto Regional Real Estate Board – down by five per cent compared to April 2023. Inventory levels or the number of listings of available homes of all types have begun to creep up with over 18,000 available for sale at the end of April, which means there is an increased choice for home buyers.  Even with greater choice, average selling prices have seen little movement showing the continued resilience in our market.  Prices have remained constant, the average selling price was up by 0.3 per cent to $1,156,167 compared to March of last year.  

Many homeowners are anticipating an increase in demand for home ownership as we move through the spring.  Sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to begin cutting its overnight lending rate before purchasing a home.  

The Toronto Regional Real Estate Board's Chief Market Analyst Jason Mercer recently has stated that buyers today are benefitting from ample choice in the GTA resale market. As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months ahead, which will result in renewed price growth, especially as we move into 2025.

All levels of government have stated that they are committed to improving affordability and choice for those interested in owning a home. There is a need to bring more housing online to account for future population growth.  Recently, it has been stated that there is approximately two years of inventory of condominiums available for sale, whether it be through resale, new construction, developers standing inventory or assignment.  With sales of new construction slowing due to fewer sales there will inevitably be a shortage of homes for our growing population in the coming years, developers will only build when they have sold enough units to achieve their financing.  Opportunities will present themselves now and in the coming months for buyers willing to take advantage of some downward pressure on new condominium pricing.