The first quarter of 2024 is in the wraps – the graph above shows the average sales price so far in 2024 (in green) in comparison with the last two years.
Overall, March brought 13% more listings than same time last year, a slight 1% increase in average sales price and marginally reduced number of sales at 0.6% less than last year.
Buying conditions tightened comparing with February, with the average sell to list price at 104%, resulting in 1.8% higher average sales price. As seasonally expected, March brought 21% more new listings and 15% more sales than February, with properties selling 6 days faster.
Markets with highest competition are as usual Ajax, Clarington, & Oshawa at 106% of asking price and Whitby at 105% of asking price.
Rental market: The rental market weakened in March with rent prices being barely above last year’s level, which means more stable market for renters.
Housing affordability slightly worsened due to an increase in house prices, necessitating a higher percentage of household income to cover mortgage payments, and while housing construction remained strong, Toronto saw record low new construction sales. That might soon change with the newly announced 30 year amortization introduced to first-time home buyers for new construction purchases.
Scroll down for more on the recently revealed Canada’s Housing Plan and many new changes coming soon to the housing market.
The supply and demand continue to battle, curtailed by affordability factors. The current dance results in a much more stable market that we have seen in the last few years.