April 2024 numbers are out. A quick summary:
Sales for all home types for April 2024 – 7114 down 5% from same month last year
Listings for all home types for April 2024 – 16,941 up 47% from same month last year
Looking at just Freeholds we have 2.1 Months of inventory. Anything closer to zero means its a competitive sellers market, if we get to 4+/5+ months of inventory is becomes a buyers market.
The hottest commodity has been the freehold home, especially the detached home as it has for many decades now. These continue to sell fairly quickly and some with multiple offers depending on neighbourhood and home. The average price for a detached in Toronto was one 1.8M in April and over 1.4M in the GTA. The average of the two came in at 1.516M.
As for condos, that inventory selection has been higher for months, at one point in the fall it had reached 5.5 Months of inventory we are now sitting at 3.8 Months. It feels balanced but there is some inventory in less desired areas or outer parts of the GTA that are taking longer to sell. Average price for a condo in Toronto in April was $766K and the average price for the GTA was $655K.
In terms of prices, they have stayed relatively flat from the start of the year to now.
On the ground Im seeing buyers really take their time to find what they want, the current buyer is not in the same rush many were 18+ months ago. Freehold inventory is tight and not a lot of selection and many sellers on the market currently have lofty expectations on what price to sell at so even when a property does not sell on a offer date or is on the market for a few weeks sellers are not budging much on their price. This has been true of condos as well, if its a investor many have stated and have decided to carry the property for a loss for the next year plus and rent it in hopes that the market improves and they sell for much more in the future rather than sell for less today.
As always reach out with any questions or comments. Have great rest of the month!