Here is your March Real Estate Market Report for the GTA

The Toronto Regional Real Estate Board (TRREB) have released the sales stats for February 2024. There were 5,607 home sales reported, transactions were up 17.9% from last year, we can attribute this to population growth and a strong economy that continues to support homes sales

Supply increased in February with new listings exceeding the number of sales. There are 11,396 new homes listed for sale that represent a 33.5% year-over-year increase, active listings rising 15.1% to 11,102. Housing inventory is sitting at 1.98-months.

Sales prices were up on both a year-over-year and month-over-month basis. The average selling price of $1,108,720 represents a 1.1% increase from 2023 and an 8% increase from January. The MLS Home Price Index (HPI) Composite Benchmark, which helps measure inflation in the market, was up 0.44% year-over-year (-0.84% in Toronto).

The average days on market was 25 at 101% of the listing price.

Here are prices by housing type: detached homes sold for an average of $1,443,612, a year-over-year increase of 0.2% and a month-over-month increase of 6.9%. The average price for semi-detached homes was $1,123,896 (+5.0%/+8.2%), town homes sold on average for $934,154 (-0.1%/+4.8%), and the average price of condos was $695,345 (-1.5%/+2.0%).

Sales activity has been picking up in the first quarter of 2024. An increasing number of buyers have re-entered the market with adjusted housing preferences that factor in the higher cost of borrowing. Looking towards the spring market, we expect to see a rise in the demand for home ownership once rates start to come down.

Looking to make a move this Spring? Contact Michael Kelly today and lets talk strategy!