John Burdi’s May/June 2024 real estate newsletter provides insights into the Greater Toronto Area (GTA) housing market and financial considerations. Despite a 4.5% decrease in GTA home sales in March compared to the previous year, attributed partly to fewer sales days due to Good Friday and prospective buyers awaiting lower interest rates, there’s optimism for the market. TRREB’s Chief Market Analyst, Jason Mercer, notes buyers’ cautious approach, anticipating interest rate cuts in the coming months. Condo apartment sales declined the most, followed by detached homes, while semi-detached and townhouses saw slight increases.
Although GTA sales dipped, the average home price rose by 1.3% compared to March 2023. Notably, average prices for detached homes in Toronto and the 905 suburbs saw slight increases, while semi-detached homes saw notable rises in both areas. Condo apartment prices varied, decreasing in Toronto but increasing in the suburbs.
New listings surged by 15% year-over-year, hinting at homeowners’ anticipation of improved spring market conditions. Jennifer Pearce, TRREB’s President, suggests that if borrowing costs decrease later in the year, sales will rise, tightening market conditions and pushing prices higher.
Additionally, the newsletter discusses topics beyond real estate, including the benefits and drawbacks of reverse mortgages, financial apps like YNAB, and perennial food crops for home gardening. It provides a comprehensive overview of the housing market and broader financial landscape, catering to various interests and concerns of readers.
Detailed downloadable pdf is attached below.
