In a dynamic kickoff to the year, the Greater Toronto housing market experienced a significant 37% surge in home sales compared to the same month last year, according to the latest report from the Toronto Regional Real Estate Board. The momentum continued, reflecting a substantial 22.9% month-over-month increase, with 4,223 homes sold in January.
The tightening market conditions were evident as new listings rose by 6.1%, yet failed to match the escalating demand. Sales growth spanned all housing categories across the region, with townhouses leading at 54.5% and semi-detached homes closely following at 42.9%.
Despite the heightened demand, the average home price exhibited a notable one percent decrease from the previous year, settling at $1,026,703. This also represented a 5.4% drop from December 2023 figures.
TRREB President Jennifer Pearce remains optimistic, suggesting that if inflation cools off in line with the Bank of Canada’s projections, lower interest rates could attract more buyers, including those currently navigating high rents in search of their first home. The dynamic market trends hint at a promising and evolving real estate landscape for the Greater Toronto area.”