In February 2024, Greater Toronto Area (GTA) experienced increased home sales and new listings on both annual and monthly bases, with rising selling prices. Population growth and a robust regional economy supported housing demand, but higher borrowing costs limited sales compared to the peak in 2021.
TRREB reported a 17.9% YoY increase in GTA home sales, with new listings growing even more. Despite a slight increase in selling prices, some buyers adapted to higher mortgage rates by saving larger down payments or opting for less-expensive homes. Anticipation of future rate cuts and lower interest rates in the second half of 2024 are expected to boost demand, especially among first-time buyers.
The TRREB CEO highlighted the social impact of unaffordable housing on mental health and emphasized the importance of ongoing efforts to address homeownership needs.
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