Market Watch February 2024

On March 5, 2024, in Toronto, Ontario, the Greater Toronto Area (GTA) witnessed an increase in both home sales and new listings during February 2024, comparing both annually and monthly. Selling prices also experienced a slight upward trend compared to the previous year. The persistent growth in population and a robust regional economy continued to bolster the overall demand for housing. However, higher borrowing costs prevented home sales from surpassing the February 2021 record.

According to TRREB, there were 5,607 home sales in the GTA through TRREB’s MLS® System in February 2024, marking a 17.9 percent increase compared to February 2023. Even after accounting for the leap-year effect, sales were up by 12.3 percent year-over-year. New listings experienced a greater annual increase than sales in February, providing buyers with increased choices. On a seasonally adjusted month-over-month basis, February sales saw a decline after two consecutive monthly increases, while new listings remained flat.

Home selling prices in February 2024 remained comparable to those in February 2023, with the MLS® Home Price Index Composite benchmark showing a 0.4 percent increase. The average selling price of $1,108,720 reflected a modest 1.1 percent rise. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price exhibited a slight upward movement.

SOURCE: TRREB Market Watch Feb 2024