In March 2024, GTA real estate market saw a 17% sales increase from last month despite being 4.5% down from last year. Still, prices edged up a bit over 1% both monthly and yearly.
Compared to last year, average home prices remained somewhat the same, except semi-detached homes which gained 3.1%. On a monthly basis, we saw detached homes with the highest growth in price by 1.6% and volume by 16.0%.
New and active listings continued to grow and add to supply. Although we still saw relatively low sales across all home types, partly due to high interest rates, there was increased sales activity across the board, although less so for townhomes.
Buyers have been getting used to stable interest rates. Some are even waiting in anticipation of lower interest rates. High rents will likely push renters to buy. Combined with the seasonal uptick, these factors could suggest heightened sales activity in the coming months.