In January 2024, Toronto's real estate market experienced a notable increase in home sales compared to the same period in 2023, attributed to lower borrowing costs for fixed-rate mortgages. Although new listings also rose, the annual rate was lower than the sales increase, resulting in tighter market conditions and potentially indicating renewed price growth in the upcoming spring market. The MLS® Home Price Index Composite slightly decreased by less than 1%, and the average selling price dropped by 1% year-over-year to $1,026,703. Quick overview: Total sales rose by 37%, average sold price decreased by 1%, average days on market increased by 31.7%, and new listings went up by 6.1%.
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