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Home sales and new listings in the Greater Toronto Area (GTA) were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier. Population growth and a resilient regional economy continued to support the overall demand for housing. Higher borrowing costs kept home sales below the February sales record reached in 2021. There were 5,607 GTA home sales reported through TRREB’s MLS® System in February 2024 – an increase of 17.9% compared to February 2023. Even after accounting for the leap year effect, sales were up by 12.3% yearover-year.
New listings were up by an even greater annual rate than sales in February, pointing to increased choice for buyers. On a seasonally adjusted month-over-month basis, February sales were lower following two consecutive monthly increases while new listings were flat. Monthly figures can be somewhat volatile, especially when the market is approaching a transition point.
Home selling prices in February 2024 remained similar to February 2023. The MLS® Home Price Index Composite benchmark edged up by 0.4%. The average selling price of $1,108,720 increased by a modest 1.1%. On a seasonally-adjusted monthly basis, both the MLS® HPI Composite and the average selling price edged upward.
Take advantage of the thriving housing market in the Greater Toronto Area! Find your dream home or capitalize on the demand by listing yours today.
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To a Good Life!
Sam Chaim
RE/MAX Realtron Realty Inc.
(416) 543-7252
sam@samchaim.ca
