TRREB’s January Real Estate Data.

Toronto, Dec 6, 2023
By Ivan Kalinin

The real estate in Toronto news at the start of 2024 is buzzing with positive momentum, as sales across most areas have shown a significant uptick. This promising trend is a clear indicator of a positive shift in homebuyer sentiment, largely influenced by the more attractive borrowing costs now available.

Interest Rates Bolster Homebuyer Confidence

A pivotal factor in the recent upswing is the Bank of Canada’s decision to maintain the overnight lending rate at 5%, a move that has seen fixed mortgage rates dip to as low as 4.89%. This development in the real estate in Toronto market is anticipated to drive down interest rates further throughout the year, significantly boosting buyer confidence and making the dream of homeownership more attainable, especially for those grappling with high rental costs.

Sales Trends and Market Dynamics

The resurgence in sales is one of the most notable stories in the real estate in Toronto news, marking a 22.6% month-over-month increase and a 36.3% surge year-over-year. The condo market, in particular, has seen a remarkable 41.4% rise in sales month-over-month, highlighting a growing preference for more affordable housing options.

Across the Greater Toronto Area (GTA), regions like Halton, York, and Peel have all reported sales growth exceeding 20%, with the City of Toronto and Durham Region also experiencing significant upticks. This regional sales growth underscores the widespread appeal of Toronto’s real estate market.

Inventory Tightens as Demand Heats Up

Despite a staggering 113.9% increase in new listings in January, the active listings saw a decrease of 2.7%, signaling a tightening in inventory. With some regions already facing low inventory levels, the competition among buyers is set to intensify.

A Closer Look at Housing Prices

Even with the resurgence in buyer interest, prices in key markets are experiencing a cooling phase. The average home price across TRREB regions fell by 5.3% from December and saw a slight 1.2% decrease year-over-year. However, areas with strong demand, like Mississauga, are witnessing price rebounds, particularly for detached homes, which have seen a significant 17.8% price increase month-over-month.

Navigating the Market

As the real estate in Toronto market heats up, prospective buyers are advised to keep a close watch on evolving market conditions. With demand increasing and inventory levels tightening, staying informed and seeking expert guidance will be key to navigating this dynamic market.

The start of 2024 has undoubtedly brought a wave of optimism to the real estate in Toronto market, driven by lower borrowing costs and a boost in buyer confidence. Despite the cooling of prices in certain areas, the overall surge in demand across various property types and regions paints a robust outlook for Toronto’s real estate market.

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real estate in Toronto news

real estate in Toronto news

Source: Toronto Regional Real Estate Board (TRREB)

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Disclaimer: The information provided is based on data available as of [Date]. Market conditions can change, and it’s advisable to consult with your real estate professional for the m

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Ivan Kalinin is a sales agent at Key Toronto Real Estate Group. Zoocasa Realty Inc. – Brokerage independently owned and operated, He can be reached at 416 858 8085. Not intended to solicit clients already under contract.

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