Check out the latest Toronto real estate market March 2024 stats from TRREB!
Overall, people are feeling good as they get accustomed to higher interest rates, and the signs of rates stabilizing or even dropping are adding to the positive vibes for both Toronto buyers and sellers.
As expected for this time of year, Toronto prices are on the rise in the first quarter, with more Toronto homes being sold. However, the increase in listings is balancing things out, preventing prices from rising too quickly.
Toronto Real Estate Price Trends From TRREB MLS®
In general, prices have only slightly increased compared to last month, with 416 detached homes experiencing the most significant monthly gains.
Taking a longer view, Toronto prices have stayed stable and are still within a consistent range, showing not much year-over-year changes.
| Feb 2024 | Mar 2024 | Change | |
|---|---|---|---|
| Average Price | $1,108,720 | $1,121,615 | +1% |
| 416 Detached | $1,657,026 | $1,708,437 | +3% |
| 416 Semi | $1,319,884 | $1,300,403 | -1% |
| 416 Condo | $726,608 | $729,392 | +0% |
Toronto Real Estate Sales & Listings From TRREB MLS®
Month-to-month, both the number of Toronto homes listed for sale and the number of Toronto homes sold went up by similar percentages.
| Feb 2024 | Mar 2024 | Change | |
|---|---|---|---|
| Average Price | $1,108,720 | $1,121,615 | +1% |
| Sales | 5,607 | 6,560 | +17% |
| New Listings | 11,396 | 13,120 | +15% |
| SNLR | 49% | 50% | +2% |
But compared to the same time last year, there are more homes for sale due to increased Toronto real estate market confidence.
This rise in listings is effectively meeting the demand, ensuring that the market remains well-balanced.
You can see this more clearly in the SNLR, which is sitting at 50%, below typical levels. This should keep a check on price increases compared to the same period last year.
| Mar 2023 | Mar 2024 | Change | |
|---|---|---|---|
| Average Price | $1,107,961 | $1,121,615 | +1% |
| Sales | 6,870 | 6,560 | -5% |
| New Listings | 11,233 | 13,120 | +17% |
| SNLR | 61% | 50% | -18% |
Understanding Toronto Real Estate Market Dynamics Through the SNLR
The sales-to-new-listings ratio (SNLR) helps gauge market balance.
With more Toronto homes being listed than sold, the balance between supply and demand in the Toronto housing market stays steady, shown by the SNLR.
- Seller’s Market (SNLR above blue line): Demand exceeds supply, leading to competition among buyers and price increases.
- Buyer’s Market (SNLR below blue line): Oversupply gives buyers negotiating power and may result in lower prices.
- Balanced Market (SNLR at blue line): Supply and demand are in equilibrium, leading to stable prices at around 60% in the Toronto real estate market.
Key Insights Into Today's Toronto Real Estate Market
Lately, the Toronto real estate market has been getting better slowly.
People are getting used to higher interest rates, and homeowners are optimistic about spring. That’s why there’s been a surge in new home listings in the first quarter of 2024.
TRREB predicts that while listings may start to taper off, sales will keep rising as interest rates drop in 2024.
If this happens, the Toronto real estate market will shift more towards sellers, possibly leading to higher prices in the latter part of 2024.
Thinking about investing in Toronto properties? Don’t wait until you see clear signs in the data – which is a lagging metric.
Remember, it’s best to buy when you’re ready, and time in the Toronto real estate market is the most reliable way to make money.
How We Can Help
If you’re looking for top-notch real estate investment opportunities in Toronto, our expert team is ready to help.
We’re not your typical real estate brokerage. We focus on using data to make smart investment decisions in Toronto.
This might mean finding strong investments with positive cash flow, managing risks, and exploring ways to increase returns through renovations or investing in promising neighborhoods.
If you want to talk about your real estate goals, click the link below to schedule a chat. We’re here to guide you through real estate investing with confidence.
