Courtesy of The Cronin Real Estate Group

Toronto January Market Report

$1,570,520 detached UP 5.7% year-to-year

$709,419 condo/apartment DOWN 0.2% year-to-year

$842,382 condo/townhouse

AVERAGE SALE PRICES

3,456 NEW LISTINGS 1,472 SOLD LISTINGS

UP 1.7% year-to-year

detached 696

225 condo/town.

2.7 MONTHS OF INVENTORY

45.2% SALES TO NEW LISTING RATIO

38 DAYS ON MARKET

4,540 ACTIVE LISTINGS (residential inventory)

GTA REALTORS ® , February 6, 2024 – Home sales were up in January 2024 in comparison to January 2023. “We had a positive start to 2024. The Bank of Canada expects the rate of inflation to recede as we move through the year. This would support lower interest rates which would bolster home buyers' confidence to move back into the market. First-time buyers currently facing high average rents would benefit from lower mortgage rates, making the move to homeownership more affordable,” said TRREB President Jennifer Pearce. There were 4,223 sales reported through TRREB’s MLS ® System in January 2024 – an increase of more than one-third compared to January 2022. The number of new listings was also up year over-year but by a lesser annual rate of approximately six per cent. Stronger sales growth relative to listings suggests buyers experienced tighter market conditions compared to a year ago

The MLS ® Home Price Index Composite in January 2024 was down by less than one per cent year-over-year in January. The average selling price was down by one per cent year-over-year to $1,026,703. “Once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, expect home sales to pick up even further. There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains constrained. The end result will be upward pressure on selling prices over the next two years,” said TRREB Chief Market Analyst Jason Mercer. Statistics reflect market activity in January 2024 | Source: TRREB ® Toronto Regional Real Estate Board | Market values stated are average prices. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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