Those April showers certainly brought the May flowers, and the spring real estate market also kicked into full bloom. New listings in April were up 51.6% year-over-year in Toronto. Even with increased choice for buyers, overall sales were down 5.6% from April 2023 - but up a hefty 11.8% month-over-month. 

Despite the increased stock and fewer sales, the average price for all property types in Toronto was up 2.8% from April 2023 and 6% from March 2024. 

While The Bank of Canada left borrowing rates at 5% in April, it hinted at a possible rate drop on June 5, depending on where inflation rates hit. With gas prices up, and fears that lowered rates will reignite the housing market, we could see that first rate drop pushed into late July. If rates are lowered in June or July, we could see a much busier summer than we’re used to. 

While new construction has been a hot talking point during government budget announcements, housing starts were actually down both monthly and yearly. This may be good news for the resale home market, leading to strong prices over the long term, but bad news for buyers, with less supply down the road. 

Please feel free to reach out for further insights or to discuss whether now is the right time to buy and/or sell!

Call me directly at (416) 937-8734 or email mia@miamacdonald.ca