Durham Region Real Estate Blog

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

Welcome back to our in-depth real estate market update for the Greater Toronto Area (GTA) and Durham Region. February 2024 has brought significant developments:

GTA Market Insights:

Sales Activity: The GTA real estate market experienced a notable upswing in sales activity in February 2024, with home sales and new listings both increasing on an annual and monthly basis. The total home sales through TRREB’s MLS® System reached 5,607, marking a 17.9 per cent increase compared to February 2023. This rise in sales reflects a growing market optimism, with consumers anticipating potential rate cuts and adjusting to the current borrowing landscape.

Home Prices: The average selling price saw a modest increase of 1.1 per cent year-over-year, standing at $1,108,720. The MLS® Home Price Index Composite benchmark also edged up by 0.4 per cent, indicating a steady market with slight upward pressure on prices.

Market Trends: A resurgence in sales activity signals a significant shift in buyer sentiment, with many adapting to higher borrowing costs by saving larger down payments or opting for less-expensive home types. This flexibility, coupled with anticipation of lower interest rates, is expected to drive further demand in the coming months.

Durham Region Insights:

Sales and Listings: Durham Region mirrored the positive trends seen in the GTA, with 745 homes sold and 1,217 new listings in February 2024. The region's market dynamics offer increased choices for buyers, reflected in the substantial number of new listings.

Average Home Price: The average selling price in Durham was $919,017, continuing to showcase the area's appeal and resilience in the face of broader market changes.

Days on the Market: Homes in Durham Region spent an average of 20 days on the market, indicating a brisk and efficient market environment for both buyers and sellers.

Looking Ahead:

The real estate market in both the GTA and Durham Region is poised for further growth, bolstered by lower anticipated borrowing costs and a robust regional economy. However, challenges such as housing affordability and the social impact of unaffordable living conditions remain pressing issues. Efforts to increase housing supply and reduce regulatory barriers are critical to sustaining long-term market health and accessibility.

Stay tuned for our March update as we continue to monitor these trends and their implications for real estate in the GTA and Durham Region. Your journey in real estate investment, buying, or selling continues with us by your side.

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%