2024 Shaping Up to be a Stronger Year
In January 2024, the Toronto real estate market witnessed a significant upswing in home sales compared to the same month in the previous year, spurred by the advantage of lower borrowing costs linked to fixed-rate mortgage products. This increase in sales, alongside a slight rise in new listings, has resulted in tighter market conditions, indicating a promising start to the year and suggesting the possibility of price growth as the spring market approaches.
There were 4,223 sales in January 2024, marking a substantial increase from January 2023. This growth in sales outpaced the rise in new listings, which grew at a more modest annual rate of approximately six percent, pointing to a market that is becoming increasingly competitive. Despite this activity, the average selling price experienced slight decreases, highlighting a complex market dynamic where increased demand has yet to fully translate into upward price momentum.
The upcoming months will see Toronto's real estate market shaped by the dynamic between promising economic factors and current challenges. A balanced approach focused on addressing housing supply and affordability will be crucial in steering the market's direction effectively.
REGIONAL SPOTLIGHT // JANUARY 2024 Mississauga Real Estate Market Report
In January 2024, the Mississauga Real Estate Board witnessed a remarkable resurgence in MLS® home sales, with 376 units sold, marking a substantial increase of 43.5% from the previous year. Despite sales remaining below historical averages, Rita Asadorian, President of the Mississauga Real Estate Board, expressed optimism, noting the positive momentum in sales activity.
Although new listings saw a modest increase of 5.4%, active residential listings surged to a five-year high, indicating a dynamic market. The MLS® Home Price Index (HPI) remained relatively stable, with a slight increase of 0.2% compared to January 2023, while the average price of homes sold surged by 13.9%.
Looking ahead, continued buyer interest and seller response are expected to shape the market's trajectory, signaling potential opportunities for both buyers and sellers in the coming months. Established in 1954, the Mississauga Real Estate Board represents over 2,400 real estate Brokers and Salespersons from Mississauga and surrounding areas.
As the Mississauga real estate market moves into Feburary, continued momentum in sales activity is anticipated, driven by growing buyer confidence and increased seller participation. However, market dynamics are expected to remain dynamic, with prices stabilizing and inventory levels gradually adjusting to meet evolving demand. The market outlook remains positive, with opportunities for both buyers and sellers to capitalize on emerging trends and favourable conditions.
Read here to read our economic update for last month.
On the Path to Recovery & Resilience // 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.