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Real Estate Market Sees a Robust Start in 2024

Tuesday Feb 13th, 2024


The real estate market has kicked off 2024 with remarkable momentum, with a resurgence in bidding wars. This shift follows a slower period last fall, which experienced multi decade lows in sales.

Key Market Trends:

• Sales Surge: Home sales in January soared by 37% compared to last year, signaling a strong resurgence of buyer interest.

• Renewed Confidence: The anticipation of the Bank of Canada potentially cutting rates later in the year is fueling buyer enthusiasm to enter the market.

• Balanced Market: The sales-to-new-listings ratio has reached 50%, indicating a transition from a buyers' market to a balanced one.

Market Dynamics:

• Bidding Wars: The market tightness is evident with the return of bidding wars across the Greater Toronto Area (GTA).

• Price Trends: Despite a slight decrease in average home prices compared to January 2023, prices are expected to climb later in the year.

• Inventory Challenges: Low inventory levels are contributing to a competitive market environment, with sellers waiting for prices to rise.

Market Highlights:

• Property Demand: Properties under $1 million are attracting multiple offers, while higher-priced homes see less activity.

• Condo Market Revival: The condo segment is witnessing a comeback, with success rates improving from last year.

• Seller Flexibility: Sellers are becoming more open to pricing advice from agents, especially if they need a quick sale.

Suburban Appeal: The suburbs are seeing active sales, with homes often receiving multiple offers and selling above asking prices.

Open House Traffic: There's a notable increase in open house attendance, indicating heightened buyer interest.

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