Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for JANUARY 2024 as we start off the new year.
• Across the entire TRREB Board, JANUARY sales (4,223) were +37% above last year and were almost average for the month
ü Active Listings (10,3093) however were +9% above those in January 2023
• The ratio of sales-to-listings was up slightly again at 42% in January – a modest start towards a busier market
• The January average sale price came in at $1,026,703– slightly below the 2023 average and -1% compared to one year ago
• The GTA real estate market ‘velocity’ overall slowed even more to 37 days-on-market
• Detached home sales in January 2024 with a purchase price over $2,000,000 were up by +18% (175 houses) while condo apartment sales over $2M increased by +9% (12 suites) compared to January 2023
• The CONDO townhouse / highrise share of the overall market was up slightly to 39% during the month and all condo-type sales (1,658) jumped by +75% from 2023
• In the City of Toronto only, detached house sales (342) increased by +7.5% from 2023 while the average detached sale price ($1,570,520) was up +5.7% from a year ago
• Similarly, January Toronto semi-detached sales (106) were up by +26% year-over-year while the average semi sale price ($1,199,531) increased by +4%
• Downtown condo active listing numbers were up big time… an increase of 24% in C01 and by 40% in C08 from last year
• January year-over-year downtown condo sales increased in C01 (+32%) and were up in C08 (+159%) compared to 2023
• The downtown condo days-on-market average slowed again to between 38 & 45 days in both C01 and C08
• The January ratio of sales-to-listings for high-rise condos downtown moved up although still in buyer market territory in both C01 (24%) and in C08 (26%), defined mainly by the huge increase in condo suite inventories
• In the 905 districts, January saw average detached home prices basically flat compared to 2023 while condo apartment prices in the 905 districts were lower by -3% compared to last year. Sales here showed contrasts (+33% houses / +31% condos) from one year ago
• With 5-year fixed mortgages now available in the 5.09% range, the market might be recognizing that rates in the 4-5% range might be the new normal
