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. Price | Home Sales | |||||||
| 2021 | 2022 | 2023 | 2024 | 2021 | 2022 | 2023 | 2024 | |
| Jan | $966K | $1,242K | $1,036K (Bottom) | $1,026K (New Low) | 6,887 | 5,593 | 3,083 | 4,223 |
| Feb | $1,044K | $1,334K (Peak) | $1,096K | $1,108K | 10,925 | 9,028 | 4,754 | 5,607 |
| Mar | $1,097K | $1,298K | $1,108K | 15,627 | 10,864 | 6,876 | ||
| Apr | $1,090K | $1,250K | $1,153K | 13,613 | 7,941 | 7,501 | ||
| May | $1,108K | $1,210K | $1,195K | 11,902 | 7,229 | 8,997 | ||
| Jun | $1,089K | $1,145K | $1,182K | 11,052 | 6,424 | 7,481 | ||
| Jul | $1,061K | $1,073K | $1,118K | 9,338 | 4,871 | 5,250 | ||
| Aug | $1,070K | $1,079K | $1,082K | 8,550 | 5,591 | 5,281 | ||
| Sep | $1,135K | $1,086K | $1,119K | 9,010 | 5,008 | 4,642 | ||
| Oct | $1,155K | $1,087K | $1,125K | 9,743 | 4,930 | 4,646 | ||
| Nov | $1,162K | $1,079K | $1,082K | 8,979 | 4,534 | 4,236 | ||
| Dec | $1,157K | $1,051K | $1,084K | 6,013 | 3,117 | 3,444 | ||
| Annual | $1,095K | $1,190K | $1,126K | $1,073K | 121,639 | 75,047 | 65,936 | 9,817 |
Year-Over-Year Summary (February Comparison)
| GTA | 2024 | 2023 | %age change |
|---|---|---|---|
| Sales (All Home Types) | 5,607 | 4,754 | 17.9% |
| New Listings | 11,396 | 8,537 | 33.5% |
| Active Listings | 11,102 | 9,643 | 15.1% |
| Average Price | $1,108,720 | $1,096,157 | 1.1% |
| Average LDOM | 25 | 22 | 13.6% |
| Average PDOM | 37 | 33 | 12.1% |
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 | ||
|---|---|---|
| Year | Sales | Avg Price |
| 2019 | 87,747 | $819,153 |
| 2020 | 95,066 | $929,636 |
| 2021 | 121,712 | $1,095,475 |
| 2022 | 75,047 | $1,190,749 |
| 2023 | 65,936 | $1,126,591 |
| 2024 | 9,817 | $1,073,348 |
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