Toronto Sales Report

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A Positive Start to 2024!

The Toronto Real Estate Board Market Watch provides an in-depth analysis of the previous month's sales statistics.

TORONTO, ONTARIO, February 6, 2024 – Home sales were up in January 2024 in comparison to January 2023. This
annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate
mortgage products. New listings were also up year-over-year but by a lesser annual rate compared to sales. The
resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed
price growth as we move into the spring market.


“We had a positive start to 2024. The Bank of Canada expects the rate of inflation to recede as we move through the
year. This would support lower interest rates which would bolster home buyers' confidence to move back into the market.


First-time buyers currently facing high average rents would benefit from lower mortgage rates, making the move to
homeownership more affordable,” said TRREB President Jennifer Pearce.
There were 4,223 sales reported through TRREB’s MLS® System in January 2024 – an increase of more than one-third
compared to January 2023. The number of new listings was also up year-over-year but by a lesser annual rate of
approximately six per cent. Stronger sales growth relative to listings suggests buyers experienced tighter market
conditions compared to a year ago.

The MLS® Home Price Index Composite in January 2024 was down by less than one per cent year-over-year in
January. The average selling price was down by one per cent year-over-year to $1,026,703. On a month-over-month
seasonally adjusted basis, both the MLS® HPI Composite and the average selling price also trended lower.

 

To see the full report please click the link below:

 

Toronto Real Estate Board Market Watch Report  - January 2024 SALES REPORT (PDF)