03/06/2024
Spring is almost here!
And The weather is not the only thing heating up, as we see the Toronto real estate market starting to rise.
Buyers are jumping back into action
If you think the prices will come down let me share the market report for Feb 2024
REALTORS® reported 5,607 GTA home sales through TRREB’s MLS® System in February 2024 – an increase of 17.9 per cent compared to February 2023. New listings were up by an even greater annual rate than sales in February2023, pointing to increased choice for buyers
Home selling prices in February 2024 remained quite similar to February 2023
The average selling price of $1,108,720 dollars, increased by a modest 1.1 per cent
According to the Trebb Market analyst “As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preference. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,”
The Bank of Canada left its key interest rate steady at 5 per cent for the fourth consecutive time since July 2023. The BoC’s next rate decision is March 6
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