March 2024 - Prices Maintain Levels From One Year Ago
March was again a bust when it came to sales numbers. Those sales (6,560) were the 4th lowest in the last 24 years... only 2000, 2001 and 2009 were lower.
Home prices in the GTA didn't do much better. The average for March ($1,121,615) was just 1.2% higher than a year ago.
Taking just house sales in the City of Toronto, the average for detached houses ($1,708,437) was identical to March 2023 while the average semi-detached price ($1,300,403) was up 3% from 12 months ago.
The downtown condo market followed the same path. The average high-rise condo price in C01 west of Yonge was $797,436, 1% above March 2023 while suites east of Yonge in C08 averaged $721,837, down 3% from a year ago.
With the Bank of Canada keeping their rate at 5% this week, the earliest we could see some lowering of mortgage rates will likely be either in June or August at the end of summer.
You can review my March 2024 Market Summary and my Toronto real estate Market Infographic below.
Thomas
March 2024 Toronto Real Estate Market Report
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for MARCH 2024 as we enter the busiest months of our real estate spring market.
Across the entire TRREB Board, MARCH sales (6,560) were -5% below last year
Active Listings (12,459) however were +23% above those in March 2023
The ratio of sales-to-listings remained relatively level during the month at 53% in March – staying in a modest sellers market
The March average sale price came in at $1,121,615– close to the same as the 2023 average and up slightly to +1.2% compared to one year ago
The GTA real estate market ‘velocity’ increased again to 20 days-on-market
Detached home sales in March 2024 with a purchase price over $2,000,000 were up by just +1% (418 houses) while condo apartment sales over $2M decreased significantly by -42% (11 suites) compared to March 2023
The CONDO townhouse / highrise share of the overall market dropped again slightly to 36% during the month and all condo-type sales (2,377) declined by -10% from 2023
In the City of Toronto only, detached house sales (647) slowed by -3% from 2023 while the average detached sale price ($1,708,437) was identical to a year ago
However March Toronto semi-detached sales (222) were up by +10% year-over-year while the average semi sale price ($1,300,403) increased by +3%
Downtown condo active listing numbers were up big time… an increase of 64% in C01 and by 55% in C08 from last year
March year-over-year downtown condo sales declined both in C01 (-21%) and in C08 (-30%) compared to 2023
The downtown condo days-on-market average stayed relatively steady at between 31 & 25 days in both C01 and C08
The March ratio of sales-to-listings for high-rise condos downtown were steady and still in buyer market territory in both C01 (24%) and in C08 (20%), caused principally by the large increase in condo suite inventories
In the 905 districts, March saw average detached and condo apartment home prices flat compared to 2023. Sales numbers were all negative (-3% houses / -8% condos) from one year ago
With 5-year fixed mortgages now available in the 4.99% range, the market is showing some resistance to rates in the high 4% range and it might take a Bank of Canada rate cut or two to shake that off
Thomas@LivingInToronto.com
647-962-1650