The Toronto Regional Real Estate Board (TRREB) reported a 4.5% decrease in home sales in March 2024 compared to the same month last year, with 6,560 transactions recorded through the Multiple Listing Service (MLS) System.
The decline in sales is partially attributed to the Good Friday holiday falling in March this year, as opposed to April 2023. Despite the year-over-year decrease, the first quarter of 2024 saw an 11.2% increase in sales compared to the same period last year.
New listings in March 2024 were up by 15% compared to March 2023, indicating a better-supplied market. However, competition among buyers remained sufficient to drive a moderate increase in the average March home price compared to the previous year.
The MLS Home Price Index (HPI) Composite benchmark rose 0.3% year-over-year, while the average selling price increased by 1.3% to $1,121,615.
TRREB CEO John DiMichele stressed the importance of governments at all levels maintaining their focus on innovative solutions to increase housing supply and improve affordability.
“This includes removing roadblocks to non-traditional arrangements, such as co-ownership models to benefit home buyers, including first-time buyers and seniors. Encouraging gentle density, including multiplexes, is critical to helping high-demand areas such as the Greater Golden Horseshoe to meet housing supply targets,” he said in a statement.
Information for this story was found via TRREB, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
