{"id":526,"date":"2024-04-09T19:12:49","date_gmt":"2024-04-09T19:12:49","guid":{"rendered":"https:\/\/www.themillsteam.ca\/blog\/?p=526"},"modified":"2024-04-09T19:12:49","modified_gmt":"2024-04-09T19:12:49","slug":"march-2024-market-stats","status":"publish","type":"post","link":"https:\/\/www.themillsteam.ca\/blog\/march-2024-market-stats\/","title":{"rendered":"March 2024 Market Stats"},"content":{"rendered":"

TORONTO, ONTARIO, April 3, 2024 \u2013 March 2024 home sales reported through TRREB\u2019s MLS\u00ae System were lower
\nthan the March 2023 result, due in part to the statutory holiday Good Friday falling in March this year versus April last
\nyear. Despite a better-supplied market compared to last year, there was enough competition between buyers to see a
\nmoderate increase in the average March home price compared to last year\u2019s level.
\nGreater Toronto Area (GTA) REALTORS\u00ae reported 6,560 sales through TRREB\u2019s MLS\u00ae System in March 2024 \u2013 down
\nby 4.5 per cent compared to March 2023. New listings were up by 15 per cent over the same period. On a seasonally
\nadjusted monthly basis, sales were down by 1.1 per cent. New listings were down by three per cent compared to
\nFebruary.<\/p>\n

\"\"
\nThe first quarter ended with sales up by 11.2 per cent year-over-year. New listings were up by a greater annual rate of
\n18.3 per cent.
\n\u201cWe have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the
\nhigher interest rate environment. At the same time, homeowners may be anticipating an improvement in market
\nconditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit
\nfrom lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market
\nconditions will push selling prices higher,\u201d said TRREB President Jennifer Pearce.
\nThe MLS\u00ae Home Price Index (HPI) Composite benchmark was up by 0.3 per cent year-over-year. The average selling
\nprice was up by 1.3 per cent to $1,121,615. On a seasonally-adjusted month-over-month basis, the MLS\u00ae HPI
\nComposite was up by 0.2 per cent and the average selling price was up by 0.7 per cent compared to February.<\/p>\n

 <\/p>\n

\"\"
\n\u201cThe average selling price edged up in comparison to last year as we moved through the first quarter of 2024. Price
\ngrowth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth
\ncatches up with listings growth and sellers\u2019 market conditions start to emerge in many neighbourhoods. Lower borrowing
\ncosts in the months ahead will help fuel increased demand for ownership housing,\u201d said TRREB Chief Market Analyst
\nJason Mercer.
\n\u201cAs demand for ownership and rental housing increases, supply will continue to be top of mind. Governments at all levels
\nmust maintain their focus on pursuing innovative solutions to increase the amount and mix of housing supply to improve
\naffordability. This includes removing roadblocks to non-traditional arrangements, such as co-ownership models to benefit
\nhome buyers, including first-time buyers and seniors. Encouraging gentle density, including multiplexes, is critical to
\nhelping high demand areas such as the Greater Golden Horseshoe to meet housing supply targets,\u201d said TRREB CEO
\nJohn DiMichele.<\/p>\n","protected":false},"excerpt":{"rendered":"

TORONTO, ONTARIO, April 3, 2024 \u2013 March 2024 home sales reported through TRREB\u2019s MLS\u00ae System were lower than the March 2023 result, due in part to …<\/p>\n","protected":false},"author":2,"featured_media":531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-updates"],"yoast_head":"\nMarch 2024 Market Stats - The Mills Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.themillsteam.ca\/blog\/march-2024-market-stats\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"March 2024 Market Stats - The Mills Team\" \/>\n<meta property=\"og:description\" content=\"TORONTO, ONTARIO, April 3, 2024 \u2013 March 2024 home sales reported through TRREB\u2019s MLS\u00ae System were lower than the March 2023 result, due in part to …\" \/>\n<meta property=\"og:url\" content=\"http:\/\/www.themillsteam.ca\/blog\/march-2024-market-stats\/\" \/>\n<meta property=\"og:site_name\" content=\"The Mills Team\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-09T19:12:49+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/04\/MillsTeam_March_SocialStats_800x800_Apr03_2024_1-e1712689929420.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1479\" \/>\n\t<meta property=\"og:image:height\" content=\"1062\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"The Mills Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Mills Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.themillsteam.ca\\\/blog\\\/march-2024-market-stats\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.themillsteam.ca\\\/blog\\\/march-2024-market-stats\\\/\"},\"author\":{\"name\":\"The Mills Team\",\"@id\":\"https:\\\/\\\/www.themillsteam.ca\\\/blog\\\/#\\\/schema\\\/person\\\/680b84a2359db5efec297c4147e191e4\"},\"headline\":\"March 2024 Market Stats\",\"datePublished\":\"2024-04-09T19:12:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.themillsteam.ca\\\/blog\\\/march-2024-market-stats\\\/\"},\"wordCount\":453,\"commentCount\":0,\"image\":{\"@id\":\"http:\\\/\\\/www.themillsteam.ca\\\/blog\\\/march-2024-market-stats\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.themillsteam.ca\\\/blog\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/MillsTeam_March_SocialStats_800x800_Apr03_2024_1-e1712689929420.png\",\"articleSection\":[\"News & Updates\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"http:\\\/\\\/www.themillsteam.ca\\\/blog\\\/march-2024-market-stats\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.themillsteam.ca\\\/blog\\\/march-2024-market-stats\\\/\",\"url\":\"http:\\\/\\\/www.themillsteam.ca\\\/blog\\\/march-2024-market-stats\\\/\",\"name\":\"March 2024 Market Stats - 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