Market Stats At A Glance – MAR 2024
TRREB: Selling Prices Up In March and Set to Accelerate This Spring
TORONTO, ONTARIO, April 3, 2024 – March 2024 home sales reported through TRREB’s
MLS® System were lower than the March 2023 result, due in part to the statutory holiday Good
Friday falling in March this year versus April last year. Despite a better-supplied market
compared to last year, there was enough competition between buyers to see a moderate
increase in the average March home price compared to last year’s level.
Greater Toronto Area (GTA) REALTORS® reported 6,560 sales through TRREB’s MLS®
System in March 2024 – down by 4.5 per cent compared to March 2023. New listings were up
by 15 per cent over the same period. On a seasonally adjusted monthly basis, sales were down
by 1.1 per cent. New listings were down by three per cent compared to February.
The first quarter ended with sales up by 11.2 per cent year-over-year. New listings were up by a
greater annual rate of 18.3 per cent.
“We have seen a gradual improvement in market conditions over the past quarter. More buyers
have adjusted to the higher interest rate environment. At the same time, homeowners may be
anticipating an improvement in market conditions in the spring, which helps explain the marked
increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the
near future, sales will increase further, new listings will be absorbed, and tighter market
conditions will push selling prices higher,” said TRREB President Jennifer Pearce.
The MLS® Home Price Index (HPI) Composite benchmark was up by 0.3 per cent year-overyear. The average selling price was up by 1.3 per cent to $1,121,615. On a seasonally-adjusted
month-over-month basis, the MLS® HPI Composite was up by 0.2 per cent and the average
selling price was up by 0.7 per cent compared to February.
“The average selling price edged up in comparison to last year as we moved through the first
quarter of 2024. Price growth is expected to accelerate during the spring and even more so in
the second half of the year, as sales growth catches up with listings growth and sellers’ market
conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months
ahead will help fuel increased demand for ownership housing,” said TRREB Chief Market
Analyst Jason Mercer.
“As demand for ownership and rental housing increases, supply will continue to be top of mind.
Governments at all levels must maintain their focus on pursuing innovative solutions to increase
the amount and mix of housing supply to improve affordability. This includes removing
roadblocks to non-traditional arrangements, such as co-ownership models to benefit home
buyers, including first-time buyers and seniors. Encouraging gentle density, including
multiplexes, is critical to helping high demand areas such as the Greater Golden Horseshoe to
meet housing supply targets,” said TRREB CEO John DiMichele.