Michael Kelly market report

February Real Estate Market Report For The GTA

Wednesday Feb 14th, 2024


Toronto's Real Estate Market Roars Back to Life


The Toronto Regional Real Estate Board (TRREB) has published the sales figures for January. With 4,223 home sales reported, transactions were up 37.0% from last year, with more home buyers returning to the market in anticipation of a more competitive spring. 

Supply continues to be low in January. The 8,312 new homes listed for sale represent a 6.1% year-over-year increase, with active listings rising 8.5% to 10,093. Inventory now sits at 2.39-months heading into February. 

Sales prices were down on both a year-over-year and month-over-month basis. The average selling price of $1,026,703 represents a 1.0% decrease from 2023, and a 5.4% decrease from December.  The MLS Home Price Index (HPI) Composite Benchmark, which helps measure inflation in the market, was down 0.44% year-over-year (-1.17% in Toronto). 

The average sale took place in 37 days on market at 98% of the listing price, with 71.4% of all transactions sitting between $600,000 and $1,500,000. Sales of homes over $2,000,000 accounted for only 4.6% of the sales mix, down from 6.1% in December. 

Looking at prices by housing type: Detached homes sold for an average of $1,350,828, a year-over-year increase of 0.8% and a month-over-month decrease of 4.8%. The average price for semi-detached homes was $1,038,303 (+1.8%/+1.1%), town homes sold on average for $891,443 (+0.5%/-2.3%), and the average price of condos was $681,979 (-0.6%/-0.1%).

 Market conditions tightened in January as sales growth outpaced the growth of new listings. With the Bank of Canada also announcing a third straight hold on interest rates, and households adapting to the new lending environment, we anticipate increased competition among active buyers in an environment hampered by limited supply.

If you're looking to invest, sell or lease in this ever changing market, then lets chat and dicsuss your real estate goals for 2024! 

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