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The Toronto Regional Real Estate Board has released the February 2024 market statistics. Here’s what’s important to know:  

1. The spring market is here, and the real estate recovery continues. 

After a dismal 2 years that saw interest rates increase 10 times, the February 2024 Toronto real estate market continued to show signs of the recovery that started in January. 

Like in years past, Toronto’s busy ‘spring market’ arrived in February (lucky for us, the spring weather is here too). 

  • The number of sales was UP by 17.8% across the GTA
  • On average, it took 25 days to sell a home in the GTA (compared to 37 days in January). 
  • The average price went up 1.1% vs. Feb 2023
  • In Toronto, the average home sold for 101% of the list price. Broken down by type of property:
    • Detached homes 102% of list price
    • Semi-detached houses 105% of list price
    • Rowhouses 103% of list price
    • Condo townhouses 101% of list price
    • Condos 99% of list price

Pro Tip: If you’re considering selling in 2024, consider taking advantage of all the eager early spring buyers and listing your home sooner rather than later. 

2. Detached house prices went down 3.5% in the City of Toronto…WTH?

The average price of a detached house in Toronto is now $1,657,026 – that’s 3.5% lower than it was in Feb 2023. Considering the sales volume for this home category went up 18.8%, and it feels like everybody is getting 10+ offers, what the heck is going on? 

  • There are great limitations when comparing year-over-year prices, especially in an uncertain economic environment where prices fluctuate with interest rates. The average price of a detached house INCREASED from $1,570,520 in January – an increase of 5.5%. 
  • In February 2024, a detached property took an average of 20 days to sell compared to 34 days in 2023. That’s an incredible improvement and signals a strong market ahead. 
  • The mix of buyers who transacted in February also affected the average price. Buyers in the under $1.5 million range were much more active than those at higher price points, with sales volume of detached houses in the $1-1.5 Million range increasing by 28% vs Feb 2023. Meanwhile, sales in the $2 Million+ range only increased by 13%. This mirrors what we’re seeing IRL (in real life) – the under $1.5 million market is on fire as first-time house buyers flock to the market, hoping to avoid anticipated price increases when the interest rates start to decrease. 

3. The condo market is coming back to life.

After a stellar January that saw condo sales explode by 41%, February 2024 condo sales were 9.5% higher than February 2023. The average price of a condo in the GTA slid by 1.5%, with the City of Toronto experiencing a 0.4% price decline. It took, on average, 30 days to sell a condo.

Another sign of improvement: Toronto condo prices rose from $709,419 in Jan 2024 to $726,608 in Feb 2024.

With the Bank of Canada choosing to hold interest rates once again, we’re looking forward to seeing the spring market take shape.

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