Hello! Here is the May 2024 real estate market update
Mississauga and GTA real estate market experienced less sales in April 2024 than in April 2023.
Number of sales in April 2024 was 5.0% lower than in April 2023.
The average home price was higher by only 0.3% comparing to April of 2023.
Sales were mixed depending on category and location.
Please have a look below
Source: Market Watch, TRREB
The average home price was up only by 0.3% comparing to April of last year, and in terms of dollars, it was $3,648 higher.
The average home price, comparing to the previous month in terms of dollars went up by $34,552.
Please have a look below.
Source: Market Watch, TRREB
Summary
- The GTA real estate market was slower in April 2024 than a year ago.
- The average home price was a tiny bit higher than in April of 2023 and almost $35,000 higher comparing to March 2024.
- Fixed, posted and discounted, mortgage interest rates remained the same.
- The prime rate is still 7.2%.
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Mississauga & GTA Real Estate Market Watch
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Current Interest Rates
GTA Realtors® Release April 2024 Stats
TORONTO, ONTARIO, May 3, 2024 – April 2024 home sales were down in comparison to April 2023, when there was a temporary resurgence in market activity. New listings were up strongly year-over-year, which meant there was increased choice for home buyers and little movement in the average selling price compared to last year.
Greater Toronto Area (GTA) REALTORS® reported 7,114 sales through the Toronto Regional Real Estate Board (TRREB) MLS® System in April 2024 – down by five per cent compared to April 2023. New listings were up by 47.2 per cent over the same period. On a seasonally adjusted monthly basis, sales edged lower while new listings were up compared to March.
“Listings were up markedly in April in comparison to last year and last month. Many homeowners are anticipating an increase in demand for ownership housing as we move through the spring. While sales are expected to pick up, many would-be home buyers are likely waiting for the Bank of Canada to actually begin cutting its policy rate before purchasing a home,” said TRREB President Jennifer Pearce.
The MLS® Home Price Index (HPI) Composite benchmark was down by less than one per cent per cent year-over-year. The average selling price was up by 0.3 per cent to $1,156,167. On a seasonally adjusted month-over-month basis, the MLS® HPI Composite was up by 0.4 per cent and the average selling price was up by 1.5 per cent compared to March.
“Generally speaking, buyers are benefitting from ample choice in the GTA resale market in April. As a result, there was little movement in selling prices compared to last year. Looking forward, the expectation is that lower borrowing costs will prompt tighter market conditions in the months to come, which will result in renewed price growth, especially as we move into 2025,” said TRREB Chief Market Analyst Jason Mercer.
“All levels of government have announced plans and stated that they are committed to improving affordability and choice for residents. However, more work is needed on alignment to achieve these goals, whether we’re talking about bringing enough housing online to account for future population growth or finding the right balance between government spending and combatting inflation. We can’t have policies in opposition. Housing policy alignment is key to achieving sustained, tangible results,” said TRREB CEO John DiMichele.
Source: Market Watch, TRREB
Mississauga & GTA Home Sales
April 2023 - April 2024 Comparison
Average home price was up by $3,648, number of sales was down by 373 units, time to sell a home was 4 days longer.
Mississauga & GTA Home Sales
March 2024 - April 2024 Comparison
Average home price was higher by $34,552, number of home sales was higher by 554 units, time to sell was 1 day shorter.
Current Interest Rates
Rates quoted by Invis Canada are subject to change up↑ or down↓ without notice.
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Sales and Average Price Up in Calendar Year 2013
January 6, 2014 – Greater Toronto Area REALTORS® reported 4,078 residential
transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent
compared to 3,582 sales reported in December 2012. New listings entered into the
TorontoMLS system were down by almost four per cent over the same period.
Total sales for calendar year 2013, at 87,111, were up by approximately two per cent
compared to 85,496 transactions in calendar year 2012.
“After a slow start to the year, sales growth accelerated to a brisk pace in the second half
of 2013. Despite the inclement weather in December, we finished the year with a
respectable gain in transactions compared to 2012. Looking forward, I believe that home
ownership in the GTA will remain affordable as borrowing costs stay low. The result could
be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne
Usher.
“The average selling price will be up again in 2014 and by more than the rate of inflation.
The seller’s market conditions that drove price growth in the second half of 2013 will
remain in place in many parts of the GTA. Some neighbourhoods, especially those
characterized by low-rise home types like singles, semis and townhomes, will continue to
have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis.
The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent
compared to the average of $477,756 in December 2012.
The average selling price for 2013 as a whole was $523,036, which represented an increase
of 5.2 per cent compared to the calendar year 2012 average of $497,130.