Real Estate Market Update - February 2024

by David Rizzuto

The Greater Toronto Area real estate market continued to strengthen in February, as home sales and prices edged upwards across all market areas. Compared on a monthly and yearly basis, more homes in the GTA are selling faster and at higher price points.

This resurgage in the real estate market is largely because buyers seem to be coming to terms with the elevated interest rates. As the Bank of Canada continues to hold interest rates, and experts predict rate cuts in the near future, buyers continue to re-enter the market. Some buyers have chosen to purchase in less expensive areas of the GTA or less expensive home types, in order to mitigate the impact of higher borrowing costs. Our resilient regional economy and high levels of population growth are also contributing to the tighter market conditions.

The number of new listings are also up in February 2024 compared to January and compared to the same time last year, creating more choice for buyers. However, listings are not sitting for long on the market, creating low inventory scenarios in many parts of the GTA. Listings will continue to increase throughout the spring, and demand is also expected to follow suit.

Reach out to me today to see how you can take advantage of these recent market changes.

To see how prices have been affected in your area, please click the link below to get access to TRREB's January Market Statistics for all areas in the GTA. The stats are broken down by average sales price, number of homes sold, number of new listings, and average days on market for each property type; detached, semi-detached, townhouses, and condos.

https://trreb.ca/files/market-stats/market-watch/mw2402.pdf

If you want to know more about what is happening in your specific area, you can book a call with me by clicking the link below.

https://calendly.com/davidrizzuto/consultation-call?back=1&month=2024-03