šŸ“ˆ JANUARY 2024 Market Watch

šŸ“ˆ JANUARY 2024 Market Watch

In January 2024, the Toronto real estate market exhibited promising signs of growth, with home sales experiencing a notable increase compared to the same period in 2023. This rise was attributed to the benefits garnered by homebuyers from lower borrowing costs associated with fixed-rate mortgage products. Additionally, new listings also saw a year-over-year uptick, albeit at a lesser rate compared to sales, resulting in tighter market conditions compared to the previous year.

TRREB President Jennifer Pearce expressed optimism about the positive start to 2024, highlighting the potential for lower interest rates supported by the Bank of Canada's expectations of receding inflation throughout the year. This anticipated scenario is expected to bolster homebuyers' confidence and make homeownership more accessible, particularly for first-time buyers facing high average rents.

The month of January saw 4,223 sales reported through TRREB's MLSĀ® System, marking an increase of more than one-third compared to January 2023. Concurrently, new listings also showed growth, albeit at a lesser annual rate of approximately six percent. The stronger sales growth relative to listings suggests that buyers experienced tighter market conditions compared to the previous year, potentially paving the way for renewed price growth as the spring market approaches.

Overall, the January 2024 TRREB report paints a picture of a resilient and evolving real estate market in Toronto, offering promising opportunities for both buyers and sellers as the year unfolds.