In TRREB's latest Market Watch Report that covers Toronto and all of the Greater Toronto Area (GTA), here are the top 5 points you need to know!
🏡 Home sales in January 2024 increased by over one-third compared to January 2023.
📊 New listings also saw a year-over-year increase, though at a lesser rate of approximately six percent compared to sales.
📈 Tighter market conditions compared to the previous year indicate the potential for renewed price growth as spring approaches.
💰 The Bank of Canada's expectation of receding inflation and lower interest rates is expected to boost homebuyer confidence further.
🏗️ Policy issues, including the mortgage stress test and housing supply, must be addressed at federal, provincial, and municipal levels to improve housing market conditions.
Take a look at the City of Toronto market stats for January 2024.
A note on prices in the 416: there was a reduction of -9.7 per cent from December 2023 to January 2024, and prices were down -2.8 per cent year-over-year.
I’ve been seeing some interesting new properties come to market in and around the Annex recently. Touch base with me anytime to get insight on what’s happening in your neighbourhood.
Have questions about the market?
I’m here along with the entire #PaulandChristianAssociates team to accompany you in every aspect of your real estate journey. Please contact me today.