Real Estate Market April 2024

10 May Real Estate Market April 2024

Your April 2024 real estate market update is here! Covering Toronto, Oakville, Burlington, Hamilton and the surrounding areas.

Highlights of the real estate market from TREBB and RAHB

April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity. New listings were up strongly year-over-year, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year.

Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024 – down by 5% compared to April 2023. New listings were up by 47.2% over the same period. On a seasonally adjusted monthly basis, sales edged lower while new listings were up compared to March.

“Listings were up markedly in April in comparison to last year and last month. Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring. While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home,” said TRREB President Jennifer Pearce.

The MLS® Home Price Index (HPI) Composite benchmark was down by less than 1% year-over-year. The average selling price was up by 0.3% to $1,156,167. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite was up by 0.4% and the average selling price was up by 1.5% compared to March. “Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April. 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 to come, which will result in renewed price growth, especially as we move into 2025,” said TRREB Chief Market Analyst Jason Mercer.

Over in the Hamilton-Burlington area, the REALTORS® Association of Hamilton-Burlington (RAHB) reported 1,041 sales in April, 7% fewer than in 2023 and well below long-term trends for the month of April. Despite the pullback in sales over the past two months, year-to-date sales are comparable to those recorded in 2023. Apartment home sales reported a modest decline compared to 2023, which was offset by rising sales for semi-detached and row-style units.

New listings rose to 2,085 units in April. The sales-to-new listings ratio reduced to 50%, driving further inventory gains. Inventory levels rose across all property types and price ranges. While the gain in inventory levels is significant compared to 2023, it is important to note that inventory levels have been exceptionally low for most of the past decade.
Rising inventory compared to sales impacted the months of supply, which trended up over March and last year’s levels. Last April, both Hamilton and Burlington reported that their monthly supply was below two months, with the tightest conditions in the Burlington region. Interestingly, while these centres still have the tightest market conditions, they report the most significant year-over-year gain.

“Higher lending rates continue to weigh on potential purchasers, with some delaying any decision until later this year. At the same time, we continue to see new listings rise, providing more choice in the market and preventing any significant shifts in home prices,” says Nicolas von Bredow, President of the REALTORS® Association of Hamilton-Burlington (RAHB).

The unadjusted benchmark price trended up over March, reaching $859,600 in April. Despite the monthly gains, prices were just over 1% lower than levels reported in April 2023. Prices trended up over the last month across all regions in the RAHB market area. However, Haldimand County is the only area that reported a year-over-year price gain.

Questions about buying or selling? Reach out anytime, I’d be happy to discuss the market with you!

All the latest home prices and statistics by property type and city below!

Sources for Real Estate Market Update for April 2024 : Toronto Regional Real Estate Board and REALTORS® Association of Hamilton-Burlington