In February 2024, GTA real estate sales were up 17.9% from last year and 32.8% from last month. Prices were on the rise 1.1% from last year and 8.0% from last month.
The property types with highest activity growth were detached and semis, which respectively saw 40% and 35% more sales and sharp price increases from last month.
A surge of new listings contributed to a net increase of 1,009 active listings in spite of increased sales. So, buyers will continue to enjoy more choice.
On the other hand, if seasonality continues to bring more buyers, then there will be more competition. High rents driven by immigration, expected interest rate decreases, and improved inflation may be factors to further motivate first-time home buyer activity in more affordable home types later in the year.