Fingers crossed for those looking forward to Spring… winter looks to be coming to an end soon.  With mild temperatures the residential real estate market has picked right up.  Population growth and a resilient economy has continued to support the overall demand for housing.  Greater Toronto Area home sales were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier, the average selling price was up 1.1% to $1,108,720. 

With the Bank of Canada holding interest rates, homebuyers are coming to terms with the current costs of borrowing and are taking advantage of the new inventory of homes that are coming to market.   There were 5607 homes sold across the GTA in February,  up almost 18% compared to February of last year and up 32.7% from January 2024. 

The Toronto Regional Real Estate Board's Chief Market Analyst Jason Mercer has reported that as we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences due to higher borrowing costs. In the second half of the year, predicted lower interest rates will further boost demand for home ownership. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity.  

Population growth continues at a record pace, with the anticipated lower borrowing costs, the demand for housing, both ownership and rental, will also increase over the next two years. The new construction market has begun to pick up as buyers look for choice and affordability.  New inventory will continue to play a key role keeping supply and price in check.  The GTA desperately requires this inventory and with the growth in population not slowing down the need for housing will only continue.  Therein lies the opportunity to invest in real estate.  Developers of new homes and condominiums, at the moment, have incredible incentives that will not last as our Real Estate market starts to improve.  If you were ever considering investing in real estate or would like to know more about available options please do not hesitate to contact me.  

Be sure to get out and enjoy this unseasonably warm weather and I look forward to connecting with you soon.

Kind Regards,

Chris Gregoris