In February 2024, Toronto’s real estate market witnessed a noticeable shift from the trends observed in January. Activity in the market, particularly in the realm of freehold properties such as detached, semi-detached and townhouses, saw a significant uptick. Even in the condo market, where inventory levels remained relatively high, there was a notable absorption of available units compared to previous months.
The crucial takeaways from February 2024:
Increased Sales Activity: February 2024 marked the highest number of sales in a month since June 2023. This surge in sales indicates a resurgence in market activity, which has been gradually picking up momentum since the fall.
Rise in New Listings: Compared to February 2023, new listings surged by 33%. This increase signifies a shift in the market dynamics over the past two years, with more properties entering the market alongside heightened sales activity.
Condo Market Dynamics: The condo market has been witnessing a steady decline in inventory levels since October. From over six months of inventory (Buyer market), we’re now back to under four, signaling a return to a balanced market. Despite this, condo prices have remained relatively stable, with a noticeable increase in activity for unique properties such as lofts.
Semi-Detached Properties in Demand: One of the hottest segments of the market is semi-detached properties, with prices ranging from around $1 million to $1.6 million. These properties are particularly appealing to both upsizers and downsizers, contributing to their high desirability and market demand.
Understanding market dynamics is essential for both buyers and sellers navigating Toronto’s real estate landscape. With inventory levels in the freehold market remaining low and condos moving towards balance, it’s crucial to stay informed to make informed decisions.
In conclusion, February 2024 showcased a dynamic real estate market in Toronto, characterized by increased sales activity, a surge in new listings, and shifting dynamics across different property types. As we move forward, staying attuned to these trends will be key in navigating the evolving landscape of Toronto’s real estate market.
The crucial takeaways from February 2024:
Increased Sales Activity: February 2024 marked the highest number of sales in a month since June 2023. This surge in sales indicates a resurgence in market activity, which has been gradually picking up momentum since the fall.
Rise in New Listings: Compared to February 2023, new listings surged by 33%. This increase signifies a shift in the market dynamics over the past two years, with more properties entering the market alongside heightened sales activity.
Condo Market Dynamics: The condo market has been witnessing a steady decline in inventory levels since October. From over six months of inventory (Buyer market), we’re now back to under four, signaling a return to a balanced market. Despite this, condo prices have remained relatively stable, with a noticeable increase in activity for unique properties such as lofts.
Semi-Detached Properties in Demand: One of the hottest segments of the market is semi-detached properties, with prices ranging from around $1 million to $1.6 million. These properties are particularly appealing to both upsizers and downsizers, contributing to their high desirability and market demand.
Understanding market dynamics is essential for both buyers and sellers navigating Toronto’s real estate landscape. With inventory levels in the freehold market remaining low and condos moving towards balance, it’s crucial to stay informed to make informed decisions.
In conclusion, February 2024 showcased a dynamic real estate market in Toronto, characterized by increased sales activity, a surge in new listings, and shifting dynamics across different property types. As we move forward, staying attuned to these trends will be key in navigating the evolving landscape of Toronto’s real estate market.
