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Market Report February 2024

Architecture Residential Building


"A Resurgence": What's driving the market?

In February 2024, the Greater Toronto Area housing market faced challenges from higher borrowing costs but demonstrated resilience with notable increases in home sales and new listings monthly and annually. This growth is underpinned by the support of a growing population and the region's economic strength.


There was a significant 17.9% surge in GTA home sales compared to the same period last year, accompanied by increased new listings, expanding options for potential buyers. Despite these positive trends, housing prices remained stable, with modest increases observed in both the MLS® Home Price Index Composite benchmark and the average selling price.


Looking ahead, the GTA housing market is poised for continued growth. Adjustments in housing preferences to changing borrowing costs, coupled with anticipated lower interest rates in the latter half of the year, are expected to stimulate further demand, especially among first-time buyers. With the GTA's expanding population and resilient economy, housing demand is projected to remain robust, necessitating vigilance and proactive strategies from industry participants.

REGIONAL SPOTLIGHT // FEBRUARY 2024 Hamilton-Burlington Real Estate Market Report

The February market report reveals a mixed performance in residential sales across various regions. Niagara North and Burlington reported substantial gains, contributing to a modest overall increase of 839 units compared to last year. However, despite the leap year providing an extra day of activity, year-to-date sales remain below long-term trends, with a 9% increase compared to last year but a 16% shortfall against historical averages.

On the listing front, February saw 1,489 new units enter the market, slightly exceeding long-term trends and marking a significant 23% increase over last year's levels. The sales-to-new listings ratio stood at 56%, boosting inventory levels by nearly 18% compared to the previous year. Notably, supply improved across most price ranges in the total region, reflecting a balanced market with over two months of supply and a sales-to-new listings ratio of 57%, as highlighted by the REALTORS® Association of Hamilton-Burlington (RAHB).

In terms of pricing, the unadjusted benchmark price trended upwards over the previous month, reaching $835,900, indicative of the typical seasonal behaviour. Overall, prices remain relatively stable compared to the levels reported at the beginning of last year, providing a snapshot of the current state of the residential real estate market in the region.

Market Outlook

This month's insights reveal, the February market report highlights a nuanced residential real estate environment characterized by mixed regional sales performances and a modest overall increase in transactions. The rise in new listings surpassing historical trends suggests a healthier inventory, leading towards a balanced market.


Read here to read our economic update for last month.


Bank of Canada Holds Rates Steady // Q1 2024


As valued clients of REXIG Realty, we are excited to provide you with our latest Real Estate Market Report for the Greater Toronto Area & surrounding regions such as Niagara, Kitchener and Waterloo.

Our goal is to keep you informed and empowered with the most up-to-date information to make informed decisions regarding your real estate investments.


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