📢In April 2024, the Greater Toronto Area (GTA) experienced a decline in home sales compared to the same month in 2023.

📢In April 2024, the Greater Toronto Area (GTA) experienced a decline in home sales compared to the same month in 2023.

However, there was a substantial increase in new listings, providing more options for home buyers. As a result, the average selling price remained relatively stable year-over-year. Here are the key points from the Toronto Regional Real Estate Board (TRREB)'s report:

📌Home Sales: There were 7,114 home sales in April 2024, down by five percent from April 2023.

📌New Listings: New listings surged by 47.2 percent year-over-year.

Average Selling Price: The average selling price increased by 0.3 percent to $1,156,167.

📌MLS® Home Price Index (HPI): The HPI Composite benchmark decreased by less than one percent year-over-year.

📌Market Outlook: While sales are expected to pick up, potential home buyers may be waiting for the Bank of Canada to begin cutting its policy rate before making a purchase.

📌Price Growth: Looking ahead, lower borrowing costs are anticipated to lead to tighter market conditions and renewed price growth, especially as we move into 2025.

TRREB President Jennifer Pearce emphasized the increase in listings and the anticipation of rising demand for ownership housing during the spring.

Chief Market Analyst Jason Mercer highlighted the alignment of housing policies as crucial for achieving sustained results, considering affordability and choice for residents.

🧐In the broader financial markets, here are some other notable events in April 2024:

📌Stock Market: The Nasdaq and S&P 500 closed positively, while the Dow remained relatively flat.

📌Jobs Data: The latest jobs report led to positive sentiment on Wall Street.

📌Oil Prices: Oil prices moved lower.

📌Benchmark Yields: Benchmark yields dropped below 4.6 percent.

Alla Poltavski, Real Estate Agent Western Toronto and Surrounding Areas.

Interested in buying or selling, or curious about your home value in today's market?

☎️ Let's chat! Alla Poltavski (416) 7353158

#etobicokecondos #etobicokerealtor #etobicokeliving #marketnews #realestateToronto #mississaugarealtor #homeinmississauga #realtormissisauga #homesweethome #homewithpool #tobuyahome #realestatewithpool #torontorealestateagent #torontorealestateagent #torontorealtorlife #torontorealty #torontorealtor #highparkrealestate #highparkrealty #highparkrealstate #highparkrealtor #etobicokehomes