Hey GTA home buyers and sellers! Let’s dive into the latest updates on the Canadian real estate market. We’ve got some interesting stats and trends that you’ll want to know about.

What’s Happening with Home Sales?

For the third month in a row, national home sales have been pretty quiet. According to the Canadian Real Estate Association (CREA), home sales across Canada dipped by 1.7% from March to April 2024. This slight slowdown follows a minor rise of 0.5% in March and a 2.7% drop in February.

New Listings on the Rise

Here’s some good news if you’re house hunting: the number of newly listed homes went up by 2.8% from March to April. This increase in listings, combined with slower sales, led to a 6.5% jump in the total number of properties on the market. That’s the highest level we’ve seen since just before COVID-19 turned everything upside down.

A More Balanced Market

James Mabey, the new Chair of CREA’s Board of Directors, mentioned that this spring marks the most balanced market conditions we’ve seen nationally since before the pandemic. With more listings and moderate sales, the sales-to-new listings ratio dropped to 53.4%, nudging the market into balanced territory (the long-term average is 55%).

What This Means for You

If you’re looking to buy, this spring could be your chance to explore more options and maybe even negotiate a bit. Mortgage rates are still high, which makes it tough for many, but if you can manage it, you might find yourself in a good position to shop around and take your time making decisions.

Home Prices Staying Steady

Despite the quiet sales, home prices have remained stable. The National Composite MLS® Home Price Index (HPI) didn’t change from March to April, marking the third month of steady prices. However, the HPI did slip by 0.9% year over year, mainly because prices spiked last April—a trend we haven’t seen this year.

The national average home price was $703,446 in April, down 1.8% compared to last year. Prices are generally holding steady across most regions, with some increases in Calgary, Edmonton, and Saskatoon.

Final Thoughts

So, what’s the takeaway for our GTA readers? Whether you’re buying or selling, the current market offers a bit of breathing room. Sellers might need to adjust expectations slightly, but buyers have a unique opportunity to look around without the rush. It’s a different spring market, but one that could work in your favor if you play your cards right.

Stay tuned for more updates and feel free to reach out if you have any questions about navigating the GTA real estate market. Happy house hunting!

What do you think about the current market conditions? Are you planning to buy or sell this spring? Share your thoughts in the comments below!