In January 2024, the GTA saw a 22.6% rise in home sales from December 2023, 37.0% from the previous year. Prices decreased 1.0% compared to last year and 5.3% from the previous month.
Detached homes experienced the most significant monthly average price drop at 4.8% and the smallest sales growth compared to other property types, showing continued affordability challenges.
While buyers usually come back around this time, the surge in sales could also be attributed to lower fixed interest rates and expected rate decreases. Consumer confidence appeared to be on the rise toward the end of January. On the other hand, the number of active listings edged downward a little. The overall dynamics suggest conditions that favour sellers.