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Toronto and West GTA Real Estate Market Update – Feb 2024

Mar 14, 2024 | Market News

𝐍𝐄𝐖𝐒𝐅𝐋𝐀𝐒𝐇! Here are the real estate market stats you need to know for February 2024 vs. 2023 home sales in Toronto, Mississauga, Oakville, Burlington 📢

February’s real estate market brought an uptick in activity signalling the start of the spring market. “The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years.” said TRREB President Jennifer Pearce

The sub $1,000,000 price point has experienced a surge in activity and multiple offers in some west GTA areas, largely driven by affordability as this price point does not require a 20% or greater down payment.

𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝗼𝘂𝗿 𝗻𝗼𝘁𝗮𝗯𝗹𝗲 𝘁𝗮𝗸𝗲 𝗮𝘄𝗮𝘆’𝘀 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗮𝗻𝗱 𝗵𝗼𝘄 𝗶𝘁 𝗰𝗼𝗺𝗽𝗮𝗿𝗲𝘀 𝗺𝗼𝗻𝘁𝗵 𝗼𝘃𝗲𝗿 𝗺𝗼𝗻𝘁𝗵 𝘄𝗶𝘁𝗵 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰:

⬛️ Toronto up across all home types month over month, excluding condo apartments flat to the month prior.

⬛️ Mississauga detached homes and freehold towns up month over month. Semi-detached and condo-townhouses flat, while condo apartments were down from the month prior.

⬛️ Oakville detached homes experienced the greatest increase across all home categories with the average price up $200,000 to the month prior. Freehold townhouses were flat over the month prior, condo townhouses down and condo apartments down a whopping 43% over the same time last year.

⬛️  Market conditions changed rapidly in Burlington for detached homes sold in February. The average price was up $240,000 to the month prior. Condo townhouses also up significantly month over month with a $230,000 increase in the average price. Condo apartments in Burlington continued the trend in Halton with average prices down $100,000.

⬛️ Now is an excellent time to buy a condo apartment whether an end user or an investor as the buying power is greater than this time last year, there is ample supply and less competition.

Be sure to view the full details of each area within our update. Swipe on each image to view.⁣⁣⁣

𝗪𝗮𝗻𝘁 𝘁𝗼 𝗸𝗻𝗼𝘄 𝘄𝗵𝗮𝘁’𝘀 𝗵𝗮𝗽𝗽𝗲𝗻𝗶𝗻𝗴 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗻𝗲𝗶𝗴𝗵𝗯𝗼𝘂𝗿𝗵𝗼𝗼𝗱? Obtain a personalized market analysis by booking a complimentary Buyer or Seller consultation with us via the form below.

Toronto Real Estate Market Update February 2024Mississauga Real Estate Market Update February 2024Oakville Real Estate Market Update February 2024Burlington Real Estate Market Update February 2024

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