Real estate prices in Toronto and the Greater Toronto Area (GTA) have rebounded strongly in the past three months after hitting a low in January. The Toronto Regional Real Estate Board (TRREB) reported an average sale price of $1,026,703 in January, rising to $1,156,167 in April, marking a 12.6% increase. Detached home prices rose to $1,516,070, up 12.2%, while semi-detached units jumped to $1,139,929, a 9.8% increase. Condo prices also surged, with townhouse-style condos up 6.1% and apartment condos rising by 6.8%.
Despite rising prices, sales have fluctuated. January and February saw year-over-year increases, but March and April experienced declines. For instance, January 2024 had 4,223 sales compared to 3,100 in 2023, marking a 36.2% increase. However, March 2024 recorded 6,560 sales, a 4.9% decrease from the previous year.
TRREB president Jennifer Pearce noted that while demand for ownership housing is expected to rise in spring, potential buyers may be waiting for the Bank of Canada to lower its policy rate before making purchases. Overall, real estate prices have risen in all but one GTA community (Essa) since January, reflecting an increase in optimism. You can read the full market report here.
