02/17/2024
In the words of Benjamin Tal, "the worst is over."
Buyers have begun to re-enter the residential real estate market due to lower borrowing costs associated with fixed mortgage rates.
We experienced tighter market conditions compared to last January, which likely points towards renewed price growth as we move into the spring market.
There were 4,223 sales in January, an INCREASE of 37% compared to January 2023. The number of active listings was also ⬆️ 8.5%.
Stronger sales growth relative to listings indicates that buyers experienced a tighter market compared to a year ago.
The average selling price was ⬇️ by 1% year-over-year to $1,026,703.
Average Prices for Detached homes in the "416" were ⬆️ 5.7% compared to JANUARY, 2023 - averaging $1,520,570
Average Prices for Detached homes in the "905" were ⬆️ 0.1% compared to JANUARY, 2023 - averaging $1,297,275
Average Prices for Condominiums in the "416" were ⬆️ 0.1% compared to JANUARY, 2023 - averaging $709,419
Average Prices for Condominiums in the "905" were ⬆️ 2.7% compared to JANUARY, 2023 - averaging $628,375
Once the Bank of Canada starts to cut its policy rate, possibly in the second half of 2024, home sales will likely pick up even further.
There will be more competition between buyers in 2024 as demand picks up, and the supply of listings remains limited.
