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‘the numbers’ [february 2024]
by sutton old mill

➕february 2024➕

It’s been a positive start to the new year! Despite ongoing challenges, the market has shown resilience, with both home sales and new listings experiencing growth compared to the previous year.

Home sales in Toronto reached 1,907 in February 2024, marking a significant increase of 13% compared to the same period in 2023. However, higher borrowing costs slightly tempered this surge in activity and resulted in property selling prices remaining flat vs. February 2023.

Buyers have evidently adapted to the market conditions by saving for larger down payments, opting for less expensive homes, or exploring different locations within the GTA to minimize the impact of elevated mortgage rates.

Moving forward, we anticipate increased buyer activity throughout 2024, driven by adjustments to borrowing costs and the expectation of lower interest rates in the latter part of the year.

In this dynamic landscape, it is vital to have a trustworthy and knowledgeable realtor by your side. Whether you’re considering selling or buying a property, or if you have any real estate inquiries, feel free to reach out to us. We are here to guide you!

Looking to buy or sell a home in Toronto?  Average prices in February were as follows:

Detached $1,657,026 [-3% vs. 2023]

Semi-detached $1,319,884 [+3% vs. 2023]

Townhouse $970,967 [-3% vs. 2023]

Condo $726,608 [0% vs. 2023]

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