The Toronto Regional Real Estate Board (TRREB) has published the sales figures for February. With 5,607 home sales reported, transactions were up 17.9% from last year as population growth and a resilient economy continue to support the demand for housing.
Housing supply increased in February with the rate of new listings exceeding that of sales. The 11,396 new homes listed for sale represent a 33.5% year-over-year increase, with active listings rising 15.1% to 11,102. As we entered the month of March, inventory now sits at 1.98-months.
Sales prices were up on both a year-over-year and month-over-month basis. The average selling price of $1,108,720 represents a 1.1% increase from 2023 and an 8% increase from January. The MLS Home Price Index (HPI) Composite Benchmark, which helps measure inflation in the market, was up 0.44% year-over-year (-0.84% in Toronto).
The average sale took place in 25 days on market at 101% of the listing price with 70.1% of all transactions sitting between $600,000 and $1,500,000. Sales of homes over $2,000,000 accounted for 6.35% of the sales mix, up from 4.5% in January.
Looking at prices by housing type: detached homes sold for an average of $1,443,612, a year-over-year increase of 0.2% and a month-over-month increase of 6.9%. The average price for semi-detached homes was $1,123,896 (+5.0%/+8.2%), townhomes sold on average for $934,154 (-0.1%/+4.8%), and the average price of condos was $695,345 (-1.5%/+2.0%).
Sales activity has been picking up in the first quarter of 2024. An increasing number of buyers have re-entered the market with adjusted housing preferences that factor in the higher cost of borrowing. Looking towards the spring market, we expect to see a rise in the demand for home ownership once rates start to come down.
If you are planning to buy or sell real estate, please speak with our team. We are here to help you stay informed and up to date. Harvey Kalles Real Estate has been in business since 1957, and we bring a wealth of experience to changing markets.
