toronto & greater toronto area

february 2024 market update

It’s that fun time again. A brand new month means new chances to check out what’s up. If you’re living in Toronto or the GTA, you’re gonna want to stick around for this. We’re diving into what’s going on in the real estate scene for February 2024 today. It doesn’t matter if you’re deep into investing, thinking about buying your first home, or just like keeping up with the market vibes. This update’s crafted for you. So, let’s jump right in!

Average Price

Average price to live in Toronto is $1.1M.

So, lets review the home prices in February. They are the same, not much change from last year. If you’re living in Toronto or the GTA, you’ll find this interesting. The average price was sitting at $1,108,720. This is a tiny bit up by 1.1% from the year before. Oh, and also, there was a pretty solid jump of 8.0% from just January 2024.

Asset Classes

If you’re living in Toronto and keeping an eye on the housing market, here’s a quick snapshot that might catch your interest. Looking at different home types within the GTA, there’s been a pretty interesting spread in market trends and activity. The detached home segment really made some waves. With the average sale price climbing by an impressive $92,784, alongside a 43% surge in total sales volume. On the semi-detached front, things were also looking up, with the average sale price reaching $1,123,896 and sales volume seeing a solid 35% boost. It’s definitely been an active period for the market!

Townhouses are a great asset living in Toronto. They saw a large increase in price.

Moving to townhouses. The average sales price was $934,154. The townhouse market showed remarkable strength with an increase in sales, totalling just over 1000 homes. The condo market also experienced a monthly price hike, with the average sale price hitting $695,345, and a 19% increase in sales.

Sales

In February, people living in Toronto saw various homes being bought and sold in the GTA. Over 5,600 to be exact! That’s almost 18% more action compared to last year around this time. And, even with that bonus day in leap years, sales still shot up by more than 12% from the year before. Plus, if you’re in the market for a new place, you’ll be glad to hear that there are even more options popping up. The month ended with over 11,000 active listings, so it looks like buyers have got some extra choices these days!

Sales to New Listing Ratio

The sales-to-new-listings ratio for this month was 49%. This means that the Toronto housing market is still currently in a balanced state. In a balanced market, it basically means that the demand for houses matches up pretty well with the number of homes up for sale. In simple terms, neither buyers nor sellers have a big upper hand.

Its a balanced market if you are looking to live in the city.

Mortgage Rate

This year more buyers are expected to return to the market. Adapting their housing preferences to cope with higher borrowing costs. Lower interest rates in the second half of the year will likely drive further demand for people wanting to live in Toronto or the GTA. Current rates are ranging from 5 to over 6%, be sure to shop out your options.

Living in Toronto has promise

For those living in the city, February brought a lively housing market in Toronto! The average home sold for $1,108,720, kicking off the year on a positive note. A total of 5,607 homes changed hands, showing a strong 17.9% increase from last February. It seems more buyers are re-entering the market, adjusting their preferences to cope with higher borrowing costs. With expected interest rate drops later in the year, we anticipate even more excitement around homeownership. Notably, many first-timers are now joining in, shifting from paying high rents to investing in their own piece of the city, providing both shelter and equity-building opportunities.

That ends our real estate market update for Toronto and the GTA for February 2024. If you found these insights helpful, please visit our blog page for more things real estate!

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