What happens when the Real Estate Market Report and Super Bowl both happen in the same week? 📈🏈 We geek out and get a little excited!
We are feeling optimistic about the trajectory of both Toronto’s Real Estate and the Super Bowl this week! A little nervous? Yes. But, that’s to be expected when you're watching your favourite football game AND the real estate market right now.
What’s Actually Happening?! 🤔
The benchmark price for homes in Toronto experienced a slight downturn for the seventh month in a row. However, with a noticeable increase in home sales compared to last year during the same month, experts are signalling that this dip in prices may not last much longer!
Sales in January remained under the average of the last ten years, but there is an expectation of gradual growth in activity on a monthly basis leading into the spring market.
This is what we are seeing right now:
- Slight Increase in Home Prices on Certain Property Types: Reflecting a resilient market amidst economic fluctuations.
- Inventory Levels: A definite uptick in listings, providing more options for buyers.
- Days on Market: Properties are sellingat a steady pace, indicating healthy demand.
A Look at the Numbers! 🔢
Sales are up 37% since last year
and up 22.62% since last month
New listings are up 6.10% since last year
and up 113.9% since last month
Average sale price is $1,026,703
and is down 1% year over year
Average prices very dependent on the property type:
- Detached: $1,350,828 (0.8%)
- Semi-Detached: $1,038,303 (1.8%)
- Townhouse: $891,443 (0.5%)
- Condo: $681,979 (-0.6%)
(*since last month)
Average days on the market = 37 Days
Why Should I Care ⁉️
Jason Mercer (Toronto Real Estate Board - Chief Market Analyst) told the Toronto Star that in 2024, buyers are expected to face increased competition as demand strengthens and the availability of listings continues to be limited. This dynamic is anticipated to exert upward pressure on selling prices throughout the next two years.
Whether you're contemplating buying your first home, considering selling, or simply keeping an eye on market trends, these insights are helpful for navigating your next play.
