Toronto Home Sales Surge in January 2024
1.5 min read.
In the first month of 2024, the Toronto housing market witnessed a remarkable surge in competitiveness, with home sales soaring by 37% compared to January 2023. New listings held their ground, maintaining a similar figure, while active listings experienced an 18% increase year-over-year. This notable shift is attributed to the slow decline of fixed mortgage rates and the expectation that the Bank of Canada has completed its interest rate hikes. Buyers are eager to move before any potential alterations in the Bank of Canada's policy rate.
The driving force behind this market situation is the belief that lower interest rates are on the horizon, supported by the Bank of Canada's outlook on inflation. Jennifer Pearce, President of the Toronto Regional Real Estate Board (TRREB), highlighted in a press release, "The Bank of Canada expects the inflation rate to recede as we move through the year. This would support lower interest rates and bolster homebuyers' confidence to return to the market."
It will be interesting to observe the interplay between these market situations and the potential impact of new policies, such as Canada's International Student Cap, on Toronto's housing landscape. As the real estate market continues to evolve, influenced by various factors, including economic policies and global events, the coming months will provide valuable insights into the resilience and adaptability of the Toronto housing market.
References
Hudes, S. (2024, February 6). Greater Toronto housing market tightens as home sales surge 37% in January: Board - toronto. The Canadian Press. https://globalnews.ca/news/10275307/toronto-area-home-sales-january-2024/
Pasalis, J. (2024, January). Move smartly toronto area real estate market report: February 2024. move smartly. https://www.movesmartly.com/monthly-report-2024-february
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