GTA REALTORS Release March 2024 Stats

In March 2024, Greater Toronto Area (GTA) home sales dipped by 4.5% compared to the same month in 2023, totaling 6,560 sales. This decline is partly attributed to the timing of the Good Friday holiday. Despite a 15% increase in new listings over the same period, the market remained competitive, leading to a moderate 1.3% rise in the average selling price to $1,121,615. Throughout the first quarter of 2024, sales saw a robust 11.2% year-over-year increase, while new listings surged by 18.3%. Looking forward, market conditions are expected to continue improving, with price growth anticipated to accelerate particularly in the spring and the latter half of the year. It’s projected that lower borrowing costs in the near future will stimulate further demand for housing. However, addressing supply concerns remains crucial to enhancing affordability. Governments are urged to focus on innovative solutions to increase housing supply, including facilitating non-traditional arrangements like co-ownership models, as well as encouraging gentle density initiatives such as multiplexes, especially in high-demand areas like the Greater Golden Horseshoe.