GTA Real Estate Market February 2024

GTA Real Estate Market February 2024 Summary

GTA Real Estate Market Performance:

As per the February 2024 TRREB Market Watch Report, last month, the Greater Toronto Area (GTA) witnessed a surge in both home sales and new listings, marking positive growth compared to the same time last year. Additionally, selling prices saw a slight increase from the previous year. This uptick can be attributed to the continuous population growth and the resilient regional economy, which have upheld the demand for housing in the area.

Impact of Borrowing Costs

However, despite this increase, home sales remained below the record set in February 2021 due to higher borrowing costs. Many speculate that the Bank of Canada has completed its rate hikes, leading consumers to anticipate future rate cuts. Consequently, some homebuyers have adapted by saving for larger down payments, opting for more affordable housing options, or exploring different areas within the GTA.

Resurgence in Sales Activity

According to TRREB President Jennifer Pearce, there was a notable resurgence in sales activity compared to last year, with a 17.9% increase in GTA home sales recorded in February 2024 compared to the same month in 2023. Moreover, new listings rose even more sharply than sales, offering buyers increased options.

Market Fluctuations and Steady Prices

While February saw a dip in sales compared to the previous months, experts suggest that these fluctuations are typical during transitional periods in the market. Despite this, home selling prices in February 2024 remained steady, with a modest increase compared to the previous year.

Future Outlook and Housing Demand

Looking ahead, TRREB predicts that as we progress through 2024, more buyers will enter the market with adjusted housing preferences to accommodate higher borrowing costs. The anticipated lowering of interest rates in the latter half of the year is expected to further drive demand for ownership housing, especially among first-time buyers seeking to escape high rental costs and invest in long-term equity. Moreover, with population growth at a record pace, the demand for both ownership and rental housing is expected to rise over the next two years. However, the issue of unaffordable housing remains a growing concern.

GTA Real Estate Market February 2024 Stats

Average Home Prices by City February 2024
Detached   Semi 
Detached 
Condo
Townhouse
Condo 
Apartment
Burlington $1,437K$966K$912K$621K
Milton$1,411K$986K$721K$631K
Oakville$2,209K$1,226K$774K$658K
Brampton $1,229K$951K$717K$557K
Mississauga$1,498K$1,071K$802K$630K
City of Toronto$1,657K$1,319K$870K$726K
GTA Monthly Statistics as per TRREB Reports
 Avg. PriceHome Sales
 20212022202320242021202220232024
Jan$966K$1,242K$1,036K (Bottom)$1,026K (New Low)6,8875,5933,0834,223
Feb$1,044K$1,334K (Peak)$1,096K$1,108K10,9259,0284,7545,607
Mar$1,097K$1,298K$1,108K15,62710,8646,876
Apr$1,090K$1,250K$1,153K13,6137,9417,501
May$1,108K$1,210K$1,195K11,9027,2298,997
Jun$1,089K$1,145K$1,182K11,0526,4247,481
Jul$1,061K$1,073K$1,118K9,3384,8715,250
Aug$1,070K$1,079K$1,082K8,5505,5915,281
Sep$1,135K$1,086K$1,119K9,0105,0084,642
Oct$1,155K$1,087K$1,125K9,7434,9304,646
Nov$1,162K$1,079K$1,082K8,9794,5344,236
Dec$1,157K$1,051K$1,084K6,0133,1173,444
Annual$1,095K$1,190K$1,126K$1,073K121,63975,04765,9369,817

Year-Over-Year Summary (February Comparison)

GTA20242023%age change
Sales (All Home Types)5,6074,75417.9%
New Listings11,3968,53733.5%
Active Listings11,1029,64315.1%
Average Price$1,108,720$1,096,1571.1%
Average LDOM252213.6%
Average PDOM373312.1%

Average Listing Days on Market (Avg. LDOM) refers to the average number of days sold listings were on the market. Average Property Days on Market (Avg. PDOM) refers to the average number of days a property was on the market before selling, irrespective of whether the property was listed more than once by the same combination of seller and brokerage during the original listing contract period.

5 Year GTA Sales & Avg Price Chart
YearSalesAvg Price
201987,747$819,153
202095,066$929,636
2021121,712$1,095,475
202275,047$1,190,749
202365,936$1,126,591
20249,817$1,073,348

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