Real Estate Market Update - January 2024

by David Rizzuto

The Greater Toronto Area real estate market finally seems to be picking up again after a very slow end to 2023. Home sales were up in January across all market areas. Compared to December 2023, sales increased as much as 34%. Sales are also up considerably compared to last January.

The amount of new listings also increased on a year-over-year basis, but not at the same pace as sales, resulting in tighter market conditions. Demand for real estate has risen since the holiday season, which is resulting in quicker sales, close to or above asking price, and in some cases, multiple offers. The recent dip in fixed mortgage interest rates has caused many buyers to re-enter the market.

Sales prices are still holding steady, with no notable upticks or declines. On a year-over-year basis, average prices have not changed. However, as we enter the spring market, data is pointing towards renewed price growth. The Bank of Canada expects inflation to recede as we move through 2024, which would support lower interest rates. Experts are still predicting an interest rate drop in mid 2024, which would strengthen buyer confidence and further increase ownership demand.

Over the next two years, the GTA real estate market will likely see upwards pressure on sales prices, as inventory remains low and buyer demand steadily increases. With the currently high average rents, many first-time buyers will take advantage of the coming lower interest rates, making the move to home ownership more affordable.

If you would like to know more about how this changing market will affect your real estate plans, reach out to me.

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/mw2401.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=2024-02

Real Estate Market Update - January 2024

by David Rizzuto

GET MORE INFORMATION