March 2024
The first quarter of 2024 has just wrapped up and time continues to fly by as we roll right into Spring.
March 2024 home sales were lower, down 4.5% compared to March last year
This was due in large part to holidays like March Break and the statutory holiday, Good Friday which fell into March this year.
Despite a better-supplied market compared to last year, there was enough competition between buyers to see a moderate increase in prices, up 1.3% to $1,121,615.
There has been a gradual improvement in the market this past quarter.
More buyers have adjusted to the higher interest rate environment and at the same time homeowners are anticipating a more active spring, as we are witnessing an increase in new listings so far this year.
The first quarter ended with sales up by 10.8% per cent over the same period last year with prices remaining flat.
TRREB Chief Market Analyst Jason Mercer recently stated that price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth. Lower borrowing costs in the months ahead will further help fuel increased demand for ownership housing.
The availability and cost of housing continues to be a hot topic amongst political channels.
With continued population growth and a limited number of new home sales, we will see a very limited supply of available homes in the foreseeable future.
The sale of new homes continues to play a key role in providing the necessary supply for the future, if new homes and condos are not selling today they will not be built or ready for the future. The opportunity is now as developers are offering discounted pricing and aggressive promotions to encourage buyers and investors to purchase new product. With a limited supply of homes in the future, housing supply will continue to remain limited with prices continuing to rise.
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