Has the Spring of the GTA Housing Market Arrived Yet?? Maybe not!
In February, the Toronto housing market experienced a notable increase in home sales, rising by 18% compared to the same period last year. However, this growth was tempered by a 12% decrease in sales from the previous month, signaling a fluctuation in market dynamics. Despite these changes, the average price of homes remained stable, indicating a steady demand. The market saw a significant influx of new listings, with a 33.5% increase over last year, contributing to a more diverse range of options for potential buyers. This surge in listings led to a decrease in the sales-to-new-listings ratio from 56% to 49%, suggesting a shift towards a less competitive market environment. This ratio positions the market closer to the lower threshold of a balanced market rather than veering into a buyer’s market territory. Additionally, homes listed on the market in February stayed longer compared to the same month last year, further evidence of slowing market activities. This trend suggests that while more sellers are entering the market, buyer activity has not kept pace, leading to a more cautious market outlook. The current state of the housing market reflects a period of adjustment rather than recovery. The question now is, when will the mortgage rate reduced by BoC? Market Watch from TRREB: https://trreb.ca/files/market-stats/market-watch/mw2402.pdf?utm_source=eblast&utm_medium=email&utm_campaign=MW-050324&utm_term=3/5/2024
