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TSX Surges to New Heights, Extending Winning Streak to Nine Days

The Toronto Stock Exchange (TSX) continues its impressive rally, closing at yet another record high as its winning streak stretches to nine consecutive trading days. The benchmark S&P/TSX Composite Index  rose 0.3% , adding 74.4 points  to settle at 25,971.9 .  This latest surge marks a 2.4% weekly gain , reinforcing investor optimism amid strong performances across multiple sectors. Healthcare led the charge with a 1.2% increase , while Basic Materials saw a slight dip of 0.2% .  Market analysts attribute the sustained momentum to robust corporate earnings, stable commodity prices, and easing trade tensions . With 74% of TSX-listed stocks closing higher , the bullish sentiment remains strong, fueling expectations for continued growth in the coming weeks.  Investors will be watching closely to see if the TSX can maintain its upward trajectory and extend its streak into double digits.
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Toronto Home Sales Dip in March Amidst Fierce Competition, But Prices Climb

 

The Greater Toronto real estate market experienced a nuanced landscape in March. While home sales dipped by 4.5% compared to the previous year, the average home price saw a moderate rise due to intense buyer competition.

Key Insights:

  • Sales Volume: A total of 6,560 homes changed hands in March, down from 6,868 in the same period last year. However, this decline can be partially attributed to the Good Friday holiday, which fell within March this year instead of April.
  • Average Selling Price: Despite the drop in sales volume, the average selling price increased by 1.3% year-over-year, reaching $1,121,615.
  • New Listings: New listings surged by 15% during this period. Homeowners seemed to anticipate an improvement in market conditions as spring approached.
  • First Quarter Trends: The first quarter of 2024 ended with 11.2% higher sales year-over-year and a substantial 18.3% increase in new listings.

Market Outlook:

  • Interest Rates: If borrowing costs decrease later this year, we can expect sales to rise and new listings to be absorbed. This could lead to tighter market conditions, further pushing selling prices upward.

As the Toronto real estate landscape continues to evolve, buyers and sellers must stay attuned to these dynamics. The interplay between demand, supply, and economic factors will shape the market’s trajectory in the coming months.


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