{"id":12216,"date":"2024-03-18T11:55:18","date_gmt":"2024-03-18T15:55:18","guid":{"rendered":"https:\/\/homeinvestmenthub.com\/?p=12216"},"modified":"2024-03-18T11:55:19","modified_gmt":"2024-03-18T15:55:19","slug":"gta-monthly-housing-report-march-2024","status":"publish","type":"post","link":"https:\/\/homeinvestmenthub.com\/ur\/gta-monthly-housing-report-march-2024\/","title":{"rendered":"GTA MONTHLY HOUSING REPORT MARCH 2024"},"content":{"rendered":"
\"\"<\/figure>\n\n\n\n

Market Continues to Improve in February<\/em><\/strong><\/p>\n\n\n\n

The GTA housing market continued to improve in February, supporting balanced
conditions across all regions and housing types. While sales reported a large increase
from a year ago, activity remained well below normal, particularly relative to the recent
population boom. While the market has been tightening in recent months, there has
been little upward pressure on selling prices as buyers remain cautious in light of
current elevated interest rates.<\/p>\n\n\n\n

Key Takeaways<\/em><\/strong>
\uf0b7 The increased momentum in the GTA housing market that began in December and picked up
steam during January continued into February, but at a more measured pace. With stronger
than expected data coming in for employment and inflation in Canada and the U.S.,
expectations for interest rate cuts were pushed back to later in 2024, causing bond yields
and fixed-term mortgage rates to increase slightly compared to January.
\uf0b7 Faced with increasing competition and declining levels of inventory, buyers remained
cautious in February as prices experienced minimal upward pressure, even as multiple offers
became more common. With average prices resting at $1.1 million and fixed mortgage rates
still above 5% (requiring a qualification rate of at least 7%), affordability continues to restrain
growth in the market.
\uf0b7 Overall, the market is experiencing a sustained period of balance, which creates less
urgency for buyers and delays some homeowners from listing their properties until they feel a
higher price can be achieved. This has resulted in lower-than-normal sales volumes that are
leading to a further accumulation of pent-up demand. Until interest rates show a clear sign of
trending down, expect much of the same from the market in the near-term, resulting in a
calmer spring period than normally seen.<\/p>\n\n\n\n

Sales Strongest for Homes Priced Between $1.25 and $1.75 Million<\/em><\/strong>
\uf0b7 Sales for detached homes and semis\/rows\/towns recorded the largest increases over the past
year within the $1.0-1.99M price range, led by growth of 36% for $1.5-1.749M homes and a
33% increase in sales for homes in the $1.25-1.49M range.
\uf0b7 For condo apartments, year-over-year growth in sales was highest for units in the $1.0-1.249M
price range (+49%) and the $1.25-1.49M price range (+27%). However, the most expensive
units priced $1.5M and above experienced a 14% decline in sales compared to a year ago.
The largest annual decrease in sales for condos was in the $900-999K price range (-20%).<\/p>\n\n\n\n

Market Conditions Converge in City of Toronto and 905 Region<\/em><\/strong>
\uf0b7 In general, market conditions in February were similar in the 905 Region of the GTA and the
City of Toronto. Detached sales were up 20% annually in the 905 compared to 18% annual
growth in Toronto, with median prices increasing 2% annually in the 905 while detached prices
in Toronto were unchanged. In Central Toronto, however, median detached prices rose 9%
annually to $2.2 million.
\uf0b7 Annual growth in sales and median prices for semis\/rows\/towns was nearly identical for the
City of Toronto and 905 Region in February, with a somewhat tighter level of supply in the 905
(1.2 vs. 1.7 months). For condo apartments, sales increased more in the 905 than in the City
of Toronto (13% vs. 7%), with supply levels lower in the 905 than in Toronto (2.8 vs. 3.5
months). Median condo prices were flat in both Toronto and the 905 Region.<\/p>\n\n\n\n

Caveat<\/em><\/strong>
The analysis and insights contained herein have been prepared on the information and assumptions set forth in this report. However, this report
relies on information from secondary sources and Urbanation cannot guarantee the accuracy of this data. Moreover, it is not possible to fully
document all factors or account for all changes that may occur in the future.
This report has been prepared solely for the purposes outlined in an agreement between Urbanation Inc and Royal LePage Signature Realty,
and is not to be used for any other purposes, or by any other party without the prior written authorization from Urbanation and Royal LePage
Signature Realty. Urbanation and Royal LePage Signature Realty assume no responsibly for losses sustained as a result of implementing any
actions based on information set forth in this report. This report is intended for internal uses only and it is prohibited from being posted on social
media, and reproduced and redistributed in whole outside of Royal LePage Signature Realty.<\/p>","protected":false},"excerpt":{"rendered":"

Market Continues to Improve in February The GTA housing market continued to improve in February, supporting balancedconditions across all regions and housing types. While sales reported a large increasefrom a year ago, activity remained well below normal, particularly relative to the recentpopulation boom. While the market has been tightening in recent months, there hasbeen little 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