Published On: Tue, Feb 6th, 2024
World | By MDN

Greater Toronto housing market tightens as home sales surge 37% in January: board – Toronto

Greater Toronto housing market tightens as home sales surge 37% in January: board – Toronto
Greater Toronto housing market tightens as home sales surge 37% in January: board – Toronto


Greater Toronto home sales soared 37 per cent last month compared with the same month a year ago as lower borrowing costs associated with fixed-rate mortgages lured some buyers back to the market.

The Toronto Regional Real Estate Board says last month’s 4,223 home sales also marked a 22.9 per cent month-over-month increase from December.

The board says the market is tighter than it was a year ago as new listings increased by 6.1 per cent, but didn’t keep pace with demand.


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Sales were up across all housing categories in the region on an annual basis, led by townhouses at 54.5 per cent and semi-detached homes at 42.9 per cent.

Meanwhile, the average home price dropped one per cent from the same time last year to $1,026,703, which was also a 5.4 per cent drop from the final month of 2023.

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TRREB president Jennifer Pearce says that if inflation cools off this year as the Bank of Canada has forecasted, the resulting lower interest rates should prompt more buyers to re-enter the market, including those currently facing high rents looking for their first home.

&copy 2024 The Canadian Press


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