What’s Happening in the Market?
Toronto's spring market is in full swing! In April, we saw a huge jump in home and condo listings—up 47.2% from last year! And guess what? This trend is expected to keep going in May.
With more homes and condos on the market, things are starting to balance out. In some areas, especially with condos, it’s starting to look like a buyer’s market. That means more choices for you and potentially better deals. Even though fewer homes sold in April compared to last year, lots of people are still super interested in buying. Tons of property showings are being booked, which means buyers are just waiting for the perfect moment or the right property to jump on.
Year-Over-Year Summary-April 2024
What Buyers Are Thinking
Buyers are taking their time these days. With interest rates staying steady, there’s no rush to make quick decisions. Many people are waiting to see if real estate prices will drop further. But so far, prices have mostly stayed the same or even gone up a bit. Some homes have been sitting on the market for a while, but the really good ones—like those in great locations, move-in-ready, or with special features—are still selling fast, sometimes even with multiple offers. It looks like buyers are getting ready for potential interest rate cuts in the future.
GTA MLS® NEW LISTINGS
Source: Toronto Regional Real Estate Board
Luxury Homes Are Still Hot
The luxury real estate market, especially for homes priced between $3 million and $5 million, is still going strong. These buyers don’t seem to be worried about interest rates at all.
Condos and New Builds
If you’re into condos, there’s a lot more to choose from right now. The number of resale condos on the market has jumped by 66%, even though demand hasn’t quite kept up. Still, condo sales are up a bit, and prices haven’t dropped much. Most of the action is for condos priced under $900,000, with regular buyers leading the charge. Investors are also eyeing the market, knowing that real estate is a safe bet against inflation.
On the new construction front, things have slowed way down. Developers have hit pause in the first part of 2024, which is a big change from the government’s push for more affordable housing. New condo sales have dipped, and there are over 23,000 unsold units. However, once interest rates go down, builders think these will sell quickly. Investors believe that less construction now will mean higher prices in the future. By 2028, we might only see about 5,000 new units hitting the market, which could push values even higher than before.
Source: Urbanation
So, if you’re looking to buy, now might be a good time to explore your options and see what’s out there. Happy house hunting!
