February 28th, 2024

Greater Toronto housing market tightens as home sales surge 37% in January: board

By The Canadian Press on February 6, 2024.

A real estate sold sign is shown in a Toronto west end neighbourhood May 16, 2020. THE CANADIAN PRESS/Graeme Roy

TORONTO – Greater Toronto home sales soared 37 per cent last month compared with the same month a year ago as lower borrowing costs associated with fixed-rate mortgages lured some buyers back to the market.

The Toronto Regional Real Estate Board says last month’s 4,223 home sales also marked a 22.9 per cent month-over-month increase from December.

The board says the market is tighter than it was a year ago as new listings increased by 6.1 per cent, but didn’t keep pace with demand.

Sales were up across all housing categories in the region on an annual basis, led by townhouses at 54.5 per cent and semi-detached homes at 42.9 per cent.

Meanwhile, the average home price dropped one per cent from the same time last year to $1,026,703, which was also a 5.4 per cent drop from the final month of 2023.

TRREB president Jennifer Pearce says that if inflation cools off this year as the Bank of Canada has forecasted, the resulting lower interest rates should prompt more buyers to re-enter the market, including those currently facing high rents looking for their first home.

This report by The Canadian Press was first published Feb. 6, 2024.

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