April 2024 GTA Market Stats

Dated: May 9 2024

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In April, the GTA witnessed an increase in new listings, seeing 18,088 properties available for sale. Notably, this is the highest April inventory in the city since 2018. More properties for sale is welcome news for buyers who have been grappling with inventory scarcity in the preceding years.

More listings resulted in an 8% increase in sales last month compared to March. This represents the highest level of sales activity we have seen this year, and the highest number of sales since June of 2023. Against this backdrop, the average sales price for the month reached $1,156,167, a modest uptick of a quarter of a percent compared to the preceding year.

Looking at individual market segments, the detached market saw an uptick in price, with the average price increasing by 3.3% on a monthly basis to $1,516,070. Detached inventory soared by 68% on a monthly basis, resulting in 7,619 actively listed homes throughout the GTA. Sales figures were bolstered by a 9.7% monthly increase, with 3,175 detached homes securing buyers during the month.

Condo sales also experienced a notable price increase of 9.2% on a monthly basis, resulting in 2,013 sales. This led to an average sales price of $728,067, marking a 4% increase from the previous month. Mirroring the rise in sales, condo inventory rose by 77.8% month over month, with 7,015 condominiums listed for sale across the GTA, marking the highest level since October 2020.

Townhome inventory emerged as the standout performer of the month, doubling the number of active listings compared to the previous month. With 1,235 townhomes for sale and 655 sales recorded throughout the month, the segment achieved an average sales price of $1,044,986. Notably, townhomes stood out as the only market segment to surpass the 100% threshold of listing price versus selling price, with properties on average fetching 105% of the listed price during April.

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June Gill

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