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Market Report

April 2024
Director of Economic Research

RARE’s Economic Research Department meticulously examines TREB’s monthly data releases, distilling them into an easily digestible and insightful format within our market report.

Introduction

Failure To Launch

Is 2024’s spring market over already? Based on the data, it may have never even begun. After March data came in lower than last year (a record low transaction year) many were hopeful to assume that it was an outlier month, and that April would pick up the majority of activity. However, this has not been the case. In fact, this market continues to break records, with the lowest April sales within our data set, excluding 2020’s lockdown month.


RESALE VOLUME

Demand destructrion.

This market continues to break records, and not the kind of records you want to see, with the lowest April sales within our data set, excluding 2020’s lockdown month.

SUPPLY

Supply stable, but increasing.

We saw a big jump up in supply in April, but that is not uncommon. If you examine past years on the chart, you can see April new listings are typically a big jump up from the months prior. This April has been relatively in line with historic April supply, but demand is proving to be the big headwind here, given that nobody can afford to buy homes at these prices and rates.

HOUSE PRICES

Price protection.

Somehow, house prices have been relatively stable and able to continue along their typical seasonal growth trend, where we usually see price metrics grow 5-10% from January until the end of May. This year’s growth has been much weaker than last year, closer to the bottom of that range, while last year’s was much stronger at the top of that range. Demand is likely the driving factor here playing a role in the inability for upward price momentum to sustain past the end of the spring market.


Daniel Foch

About Daniel Foch

With over 15 years of experience in the real estate industry, Daniel Foch has amassed a wealth of expertise, having worked with prominent organizations like Interrent REIT, CBRE, and Hydro One, facilitating transactions exceeding $250M across various asset classes. He also made significant contributions to the University of Guelph’s Real Estate Faculty, founding the International URECC event and earning recognition for affordable housing innovation from CMHC and the University. Recognized as a trusted and balanced source of real estate insight, Daniel frequently appears in Canadian media outlets such as The Wall Street Journal, CBC, and The Globe and Mail. Leveraging his expertise, he has cultivated a sizable audience of over 100,000 real estate investors on social media platforms by delivering primary research and market analysis.