Big news from the Toronto Regional Real Estate Board - March's data is in, and it's exciting!Sales are up by 11.2% compared to last year, with new listings soaring even higher at 18.3% annually!
While sales were slightly lower than in March 2023, it's not all rainbows and sunshine. The competition among buyers pushed the average March home price up compared to last year.
Hold on to your hats for the numbers: March 2024 saw 6,560 sales, down by 4.5% from March 2023. But hey, new listings shot up by 15%! On a monthly scale, sales dipped 1.1%, and new listings went down 3% from February.
But wait, there's more! Home prices edged up by 0.3% year-over-year. The average selling price? A cool 1.3% increase, hitting $1,121,615! That's not all - it also rose by 0.7% from February!
And guess what? The party's just getting started! Prices are expected to shoot up even more as we roll into spring and later this year. Sales growth is catching up with listing hikes, making for hot seller's market conditions in many 'hoods. Plus, lower borrowing costs are on the horizon, fueling even more demand for homes!
Get ready for a wild ride - the market's heating up! Buyers are getting used to higher interest rates, and sellers are revving up for a stellar spring. That's probably why new listings are popping off the charts this year!
But hold onto your seats, because the best is yet to come! Governments are pushing for more housing options, like co-ownership models, to make it easier for folks to snag their dream homes. And let's not forget about "gentle density" - more multiplexes mean more housing for everyone!
GTA's booming, and the provincial government's cutting red tape to make buying homes a breeze. Exciting times ahead for both buyers and sellers!
