January 2024 Market Update

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Toronto & GTA

“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.

The number of new listings was up year-over-year but by a lesser annual rate of approximately 6%. Stronger sales growth relative to listings suggests buyers experienced tighter market conditions compared to a year ago.

On a month-over-month seasonally adjusted basis, both sales and new listings were up. Sales increased more than listings which means market conditions tightened relative to December 2023.

“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.

The average selling price was down by 1% year-over-year to $1,026,703. On a month-over-month seasonally adjusted basis the average selling price also trended lower.

Caledon

Bolton

Muskoka

This very strange winter weather has influenced the market in a very exciting way. With access to many seasonal properties, which we normally cannot view until late March or even April, we are seeing increased activity in many areas. Waterfront properties are selling much faster with much shorter “days on market” time frames. It seems folks are wanting to get a head start on cottage season with hopes of an early Spring. 

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 and can give insight into the things that still may be hidden by snow and ice. 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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