March 2024 Real Estate Market Report

Toronto Area Market breakdown

Get ready, get set……., the “spring” market is almost upon us!

Spring is the time that traditionally, buyers start coming out as the weather grows milder. The number of sales in March (6,560) increased over the previous month and we will see another rise in the number of sales in April. As of the end of March there were 13,120 homes for sale, but with the anticipated 8,000 to 9,000 sales, April buyers will be facing limited choices and competition, which means multiple offers and a rise in prices.

Buyers are asking me, “Is it too late, should I have bought last year?”. The truth of it is that the best time to buy was yesterday and the second-best time is today! Prices continue to increase with inflation. As the cost of land and construction increase, so do prices. When you add demand and low numbers of homes being built, prices jump tremendously. Welcome to the GTA! Over the last 50 + years, Toronto prices have increased about 7% yearly. With 1.2 million new immigrants coming to Canada (2021- 2024) and fewer new construction projects as builders slowed down due to higher interest rates, TODAY is the next best time to buy if you did not buy yesterday!

As the year progresses and interest rates start dropping, more buyers will enter the market, putting more pressure on home prices. Those who cannot afford to buy will rent, and as we have seen, rental rates have increased sharply over the last few years with demand.

There are choices out there for all buyers. Whether it’s creating a basement rental unit to help pay for the mortgage or choosing a different neighborhood, the opportunities for great home ownership exist, if you have a knowledgeable experienced realtor looking out for your best interests. A realtor like me!

The first step in making the right decision is getting all the facts. Don’t decide to buy or upgrade your existing home until you have all the pertinent information to make that decision. The Internet is full of misinformation!

Here are some charts that we have selected for you (click on them for a larger image). We have information on all neighbourhoods in the Toronto area. If you want information about a specific neighbourhood let me know and we’ll provide it to you.

Give me a call, let’s chat. Let me give you all the information to help you make the best decision for your future. I’m not only a professional, experienced realtor working for the #1 company in the world, I’m also your friend in real estate!