As a Toronto real estate agent, it’s very important to understand the current market trends. I’m Danielle Demerino of Danielle in the City. I make it my mission to educate my real estate clients to ensure they make smart decisions on their investments. With that said, let’s get into the February 2024 Toronto Real Estate Market Update.
Toronto Real Estate Market Update
It’s fair to say that buyers have begun to edge their way back into the market with the anticipated drop in borrowing costs. What does this mean? Real estate experts anticipate as rates drop, prices will increase, supply will decrease, and we will be back in a similar position we faced in previous years.
As we look back on January 2024, we saw 4,223 sales which meant a 37% increase compared to the previous year at the same time. We also saw a marginal increase in active listings, rising 8.5% and the average selling price fell by 1% to $1,026,703.
Jason Mercer, the Toronto Regional Real Estate Board chief Market Analyst, suggests that if and when the Bank of Canada decreases its policy rate (probably somewhere in the later months of 2024), then sales of residential properties will continue to pick up even more so than currently.
Expect more buyers, less inventory, and greater competition amidst low inventory levels. The current inventory levels are around two and a half months. When we look back a couple of months, there was about 4 months’ worth of inventory in the GTA, which seems to be declining quickly.
GTA Average Home Prices Per Month
In 2023, we saw the average price bounce around, peaking in May. Prices continued to trend downwards into January 2024. Expert agents speculate that prices are already on the rise based on the latest activity. If you are looking to buy, my advice is to strike before the iron is too hot.
- January 2023: 1.04 million
- February 2023: 1.09 million
- March 2023: 1.11 million
- April 2023: 1.15 million
- May 2023: 1.19 million
- June 2023: 1.18 million
- July 2023: 1.12 million
- August 2023: 1.08 million
- September 2023: 1.12 million
- October 2023: 1.13 million
- November 2023: 1.08 million
- December 2023: 1.08 million
- January 2024: 1.03 million
Regional Market Statistics
Below we will explore the regional stats in Toronto, the GTA, York Region, Durham Region, Brampton, Oakville and Mississauga as of December 2023.
Real Estate Market Stats for the GTA
In January 2024, the average price of a home in the Greater Toronto Area dropped 1% to $1,026,703 compared to the previous year, while sales rose by 37%. Condo prices also dipped slightly by 0.8% to $681,979, despite a 40% increase in condo sales, totalling 1,335 units. Inventory levels are tightening, with only 2.39 months’ worth of homes for sale. Listings are selling in an average of 37 days.
Real Estate Market Stats for Toronto
In January 2024, the average price of a home in Toronto dropped 2.8% to $959,915 compared to the previous year, while sales rose by 32.9%. Condo prices also dipped slightly by 0.2% to $709,419, despite a 46.2% increase in condo sales, totalling 883 units. Inventory levels are tightening, with only 3.08 months’ worth of homes for sale. Listings in Toronto are selling in an average of 38 days.
Real Estate Market Stats for Mississauga
In January 2024, the average price of a home in Mississauga rose by 13.9% to $1,048,658 compared to the previous year, while sales rose by 43.5%. Condo prices dropped by 5.2% to $593,888, despite a 15.7% increase in condo sales, totalling 125 units. Inventory levels are tightening, with only 2.37 months’ worth of homes for sale. Listings in Mississauga are selling in an average of 36 days.
Real Estate Market Stats for Oakville
In January 2024, the average price of a home in Oakville rose by 5.1% to $1,451,707 compared to the previous year, while sales rose by 23%. Condo prices dropped by 26.6% to $716,695, despite a 4.2% increase in condo sales, totalling 25 units. Inventory levels are tightening, with only 2.44 months’ worth of homes for sale. Listings in Oakville are selling in an average of 40 days.
Real Estate Market Stats for the Durham Region
In January 2024, the average price of a home in the Durham Region rose by 0.9% to $894,825 compared to the previous year, while sales rose by 36.8%. Condo prices dropped by 3.2% to $514,756, despite a 21.2% increase in condo sales, totalling 40 units. Inventory levels are tightening, with only 1.39 months’ worth of homes for sale. Listings in the Durham Region are selling in an average of 33 days.
Real Estate Market Stats for the York Region
In January 2024, the average price of a home in the York Region dropped by 5.8% to $1,210,705 compared to the previous year, while sales rose by 42.5%. Condo prices dropped by 0.4% to $665,628 despite a 69.4% increase in condo sales, totalling 188 units. Inventory levels are tightening, with only 2.29 months’ worth of homes for sale. Listings in the Durham Region are selling in an average of 37 days.
Real Estate Market Stats for Brampton
In January 2024, the average price of a home in Brampton dropped by 1.9% to $982,514 compared to the previous year, while sales rose by 38.1%. Condo prices dropped by 6.7% to $535,608 despite a 14.34% increase in condo sales, totalling 24 units. Inventory levels are tightening, with only 1.68 months’ worth of homes for sale. Listings in Brampton are selling in an average of 36 days.
Our growing province and booming city are in constant need of available housing. If inventory fails to increase, the price of sales and rent will continue to grow, which is something most people can’t afford.
If you are looking to expand your investments, new builds may be an interesting opportunity this year. Developers have shifted the structure of their 15-20% deposit to span 4-5 years while their build process occurs. Since new homes and condos need pre-sales to initiate building, this can mean extended investment periods for buyers but can create longer wait times for hopeful residents.
Expert Toronto Real Estate Agents
Our team is dedicated to providing the latest and most precise regional market information to potential buyers and sellers. Whether you’re looking to buy, sell, or simply learn more about the Toronto real estate market, reach out to our experienced Toronto real estate agents. Let’s work together to achieve your real estate goals for 2024!
Source: www.trreb.ca
