Real Estate Market Entered Another Period of Weakening
Overview of important developments in the Toronto Metro housing market and macro reported in April 2024
Highlights
The Toronto Metro resale market weakened in April, marking yet another pivotal point.
The rental market remains weak, with the average rent price in Toronto Metro declining below last year’s level.
New apartment completions continue to be high, impacting both the resale and rental markets.
New data reaffirms the anticipated decline in population growth, although current inputs remain robust.
The 2024 Federal budget includes significant measures aimed at resolving the housing crisis; however, their impact on non-rental construction may be limited.
A significant spike in Ontario business insolvencies in January subsided in the following months.
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