Spring has sprung, and so has the Toronto real estate market! The Toronto Real Estate Board has released its February 2024 numbers, and sales and new listings are up considerably year over year. Buyer confidence is back, with prices edging upward compared to a year ago. While higher borrowing costs have so far kept home sales below the peak sales records reached back in early 2022, we are seeing more enticing mortgage rates and bidding wars are once again becoming the norm. Many properties are selling well over ask and a few are even setting record prices.

“We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years,” said TRREB President Jennifer Pearce. 

TRREB Chief Market Analyst Jason Mercer predicts that “In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity.”

It is very difficult to time the market, but if you are looking for sound advice tailored to your specific needs and goals, and you are planning when to buy or sell this year, then please reach out to me at mia@miamacdonald.ca for no pressure advice so we can help position you for success.