➕january 2024➕
The numbers for the first month of 2024 are in! The initial market indicators suggest an early thaw for the Toronto Real Estate Market in 2024.
It’s been a positive start to the new year. Home sales across all property types were up by +33% compared to January 2023. With inflation expected to recede and lower borrowing costs on fixed-rate mortgages, it appears that confidence may be returning to homebuyers who had previously put their purchases on hold.
On the inventory side, a number of new properties were introduced into the market in January, with new listings up by +15% compared to January 2023, albeit at a lesser rate than total sales. If the increased demand relative to supply persists, it will ultimately lead to renewed growth in home prices.
We anticipate that once the Bank of Canada signals a cut to its policy rate – assumed to be in the second half of 2024 – demand for home ownership will escalate, resulting in increased competition.
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 assist you!
Looking to buy or sell a home in Toronto? Average prices in January were as follows:
➕Detached $1,570,520 [+6% vs. 2023]
➕Semi-detached $1,199,531 [+4% vs. 2023]
➕Townhouse $895,307 [-9% vs. 2023]
➕Condo $709,419 [0% vs. 2023]
@suttonoldmill
Data presented is for City of Toronto Only. Source: TRREB.
