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GTA REALTORS Release February 2024 Stats

GTA REALTORS Release February Stats

GTA Real Estate Market Update by Toronto Real Estate Board

In February 2024, Greater Toronto Area (GTA) home sales and new listings saw increases compared to both the previous year and the previous month, with 5,607 home sales reported, marking a 17.9% rise from February 2023. The average selling price reached $1,108,720, up by 1.1% from the previous year, while the MLS® Home Price Index Composite benchmark increased by 0.4%. Despite this, monthly figures showed a slight decrease in sales following two consecutive increases, while new listings remained flat. The market attributes this resurgence in sales to the assumption that the Bank of Canada has ceased hiking rates, with consumers anticipating rate cuts in the near future, leading to adjusted housing preferences among buyers to account for higher borrowing costs. Additionally, population growth and a resilient regional economy continue to support housing demand, while efforts to address housing affordability issues are recognized as essential for both financial and social well-being.
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