We are finally seeing some light at the end of the tunnel! After two years of declining and/or flat average home prices in Toronto, this February we finally saw an 8% ($82,017) increase in the average price of a home compared to January 2024. This represents the most significant increase in the average price in one month from January to February 2022, when we gained 7.4% ($91,751). Interestingly, in February 2022, we also hit an average price of $1,334,544, the highest average price we have ever seen in Toronto. We are still well below that value, with an average price of $1,108,720 in February 2024, but it appears we are at least starting to head in the right direction. We are also continuing to see a positive surge of Buyers driving home sales in February up by 17.9% year-over-year, and Sellers who have been holding out are finally starting to come out and list their homes, pushing new listings up a whopping 33.5% year-over-year.
Moving forward, we expect the trend of more home sales and new listings to continue. I think the number of new listings and new buyers will start to balance themselves out, and we will not see any significant improvements in the average price until the Bank of Canada starts cutting interest rates later this year.
February year-over-year statistics:
New listings were up +33.5%
Active listings were up +15.1%
Sales were up +17.9%
Average selling price $1,108,720 was up +1.1%
Average days on market were up from 33 to 37 days +12.1%
If you have any questions regarding the market or when we are forecasting the best times to Sell or Buy will be this year, reach out, and we can speak more in person.