January Market Update
In January 2024, the average selling price of homes across the GTA experienced a one percent year-over-year decline, settling at $1,026,703 according to The MLS® Home Price Index Composite.
Home sales increased compared to the same month in 2023. This rise was partly due to certain homebuyers taking advantage of lower interest rates linked to fixed-rate mortgages.
New property listings also saw a year-over-year increase, the growth rate was lower than that of home sales resulting in tighter market conditions, compared to the previous year, suggesting the possibility of renewed price growth as we transition into the spring market.
The increased demand, coupled with a more modest increase in available homes, may contribute to a potential uptick in housing prices.
Durham & Toronto Market Insights
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January 2024 Market Stats Toronto
Reflecting on last month's post
Last month we proposed the ways our housing market could go in 2024 largely hinging on the potential for mortgage rates to come down based on a reduction in the Bank of Canada's (BoC) policy and that of the fixed-rate bond market.
Well if January is any indication a return to a Seller's Market is imminent. With the BoC pausing rates for the 4th consecutive decision in January and fixed rates looking more favorable buyers have gotten a head start on the Spring Market.
What we are seeing on the ground
In a market characterized by both increased sales and a surge in property listings, home buyers and sellers find themselves navigating a dynamic and competitive landscape.
The spike in listings provides buyers with a broader array of options, but the heightened demand, particularly in the lower price range, has resulted in more properties receiving multiple offers. Despite the competitive atmosphere, there remains ample opportunity for savvy buyers to find a suitable property and engage in negotiations.
Sellers, on the other hand, are benefiting from the renewed demand, potentially receiving more attractive offers. Overall, the market's equilibrium between increased sales and listings creates an environment where both buyers and sellers must adapt to changing dynamics while recognizing opportunities for successful transactions.
MORE MARKET INSIGHTS (add stats for Markham/Stouffville & Port Hope/Cobourg)
January 2024 Market Stats Port Hope and Cobourg