JANUARY 2024 UPDATE: NAVIGATING THE GTA & DURHAM REGION REAL ESTATE MARKET

Welcome back to our comprehensive real estate market update for the Greater Toronto Area (GTA) and Durham Region. As we kick off 2024, let's delve into the latest developments:

GTA Market Insights:

• Sales Activity: In January 2024, GTA home sales surged, indicating a promising start to the year compared to the same period in 2023. Buyers benefited from lower borrowing costs associated with fixed-rate mortgage products, driving increased activity.

• New Listings: Although new listings also saw a year-over-year increase, the rate was slightly lower compared to sales growth. This resulted in tighter market conditions, potentially signaling renewed price growth as we transition into the spring market.

• Average Selling Price and MLS® HPI: Despite the increase in sales, the average selling price across all home types experienced a slight decrease year-over-year, standing at $1,026,703. However, with lower borrowing costs expected, upward pressure on selling prices may be anticipated in the coming months.

Durham Region Insights:

• Sales Activity: Durham Region witnessed robust sales activity in January 2024, mirroring the trends observed in the broader GTA market.

• Average Home Price: The average home price in Durham Region remained strong at $894,825, showcasing the region's continued appeal to homebuyers.

• New Listings and Days on the Market: With 829 new listings and an average of 33 days on the market, Durham Region continues to offer diverse housing options with reasonable turnaround times.

Looking Ahead: As we move forward into 2024, the real estate market in both the GTA and Durham Region is expected to see further improvements with lower borrowing costs. However, addressing key policy issues at federal, provincial, and municipal levels remains crucial to ensuring long-term housing affordability and stability.

Stay tuned for our future updates as we keep you informed on the latest trends and insights in the GTA and Durham Region real estate markets. Your journey in real estate investment, buying, or selling awaits!

STATS PROVIDED FROM TRREB & INDEPENDENT REPORTING COMPANY RE STATS INC. INFORMATION IS DEEMED RELIABLE BUT NOT GUARANTEED. DOES NOT REFLECT ALL MARKET ACTIVITY. DATA MAY VARY BY 2.5%