February 2024 Market Update

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Toronto & GTA

In February 2024, the Greater Toronto Area (GTA) real estate market showed significant resilience and growth, promising new opportunities for buyers and sellers alike.

Home sales experienced an increase of 17.9% from February 2023, a clear indicator of the GTA’s appeal. Adjusted for the leap year, the growth rate still impressively stood at 12.3% year-over-year.

The availability of choices for buyers widened as new listings grew more rapidly than sales, providing an opportunity to secure ideal homes within GTA neighbourhoods.

The market’s stability was evident in the pricing trends, with the average selling price modestly rising by 1.1% compared to the previous year. The average selling price increased by a modest 1.1%.

“As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said TRREB Chief Market Analyst Jason Mercer.

Population growth has been at a record pace and with the anticipated lower borrowing costs, the demand for housing – both ownership and rental – will also increase over the next two years. Unaffordable housing not only has a financial impact but also a social impact.

Caledon

Bolton

Muskoka

This year’s unique weather has allowed us to access many properties that normally are still restricted by snow and ice. People seem a bit more anxious to get outside and be able to enjoy Mother Nature in her finest, so we are seeing more inquiries and activity for viewings. It also is allowing for people to consider listing in town properties earlier than normal.

While access to properties is important, now more than ever is the time to ask questions of a trusted real estate professional who knows the area. With an abnormal winter what might you expect in future years? We can help you understand what is happening in your area with up to the minute numbers and comparable listings that truly reflect the current market.


Have you been thinking about moving? Do you wonder if now is the right time to buy or sell? Wondering what your home is worth today with the shifting real estate market? Perhaps you’ve been searching for that one-of-a-kind property, but just can’t find it?

We can help answer your questions, provide you with a free no-obligation Home Valuation and help you find that perfect property.

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