The latest Toronto real estate sales data for April is in, and there’s a significant trend that’s catching everyone’s attention: ample choices for buyers! Let’s break down what this means for both buyers and sellers in the current market.
Toronto Real Estate Sales & Listings From TRREB MLS®
Sales have seen a slight uptick compared to the previous month – here’s how it looks like compared to last month.
Mar 2024 | Apr 2024 | Change | |
---|---|---|---|
Average Price | $1,121,615 | $1,156,167 | +3% |
Sales | 6,560 | 7,114 | +8% |
New Listings | 13,120 | 16,941 | +29% |
SNLR | 50% | 42% | -16% |
And sales actually came down compared to the same time last year.
However, here’s the kicker: the numbers game isn’t the main focus this time around. What’s really turning heads is the massive surge in listings this April!
Apr 2023 | Apr 2024 | Change | |
---|---|---|---|
Average Price | $1,153,006 | $1,156,167 | +0% |
Sales | 7,489 | 7,114 | -5% |
New Listings | 11,381 | 16,941 | +49% |
SNLR | 66% | 42% | -36% |
Toronto Real Estate Price Trends From TRREB MLS®
Despite the influx of listings, the current prices seem to be holding steady – likely because both buyers and sellers feel that the price is right.
In fact, they’re showing a slight increase compared to the previous month, but they remain unchanged from last year.
Apr 2023 | Apr 2024 | Change | |
---|---|---|---|
416 Detached | $1,787,752 | $1,822,244 | +2% |
416 Semi | $1,326,462 | $1,365,061 | +3% |
416 Condo | $751,916 | $766,917 | +2% |
905 Detached | $1,403,863 | $1,421,377 | +1% |
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.
The Big Takeaway: Better Conditions for Buyers
So, what’s the real benefit of diving into the market now? It’s all about the improved conditions for buyers. Let’s break it down:
More Choice: There are tons of listings available, giving buyers plenty of options. This also means they don’t have to feel rushed into making a decision.
Less Risk: The market is stable, which means there’s less chance of prices dropping suddenly. This is especially good news if you’re planning to refinance soon after a renovation project.
Predictable Prices: Prices aren’t all over the place, making it easier to crunch numbers and figure out if a property is a good investment.
More Confidence: Buyers can take their time to do their homework, like checking finances and getting property inspections. This helps them make smarter choices.
Better Renovation Planning: With no rush, buyers can get more accurate renovation quotes.
All these things make investing in Toronto real estate less risky and could lead to better returns in today’s market!
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.