Exclusive Open House 46 Waverley Road
Learn More

By The Numbers 

The Toronto Real Estate Boards statistics year over year for the month of February. 

Get Your Community Specific Report Here

5,607

TREB Sales 

February 2024

4,754

TREB Sales 

February 2023

$1,108,720

TREB Average 

February 2024

$1,096,157

TREB Average Price 

February 2023

February Numbers 2024

  • Number of Sales 2024
    5,607 | 17.9%
  • Number of Sales 2023
    4,754
  • Number of New Listing 2024
    11,396 | 33.5%
  • Number of New Listings 2023
    8,537 
  • Number of Active Listing 2024
    11,102 | 15.1%
  • Number of Active Listings 2023
    9,643
  • Average Price 2024
    $1,108,720 | 1.1%
  • Average Price 2023
    $1,096,157
  • Average Days on the Market (DOM) 2024
    25 Days | +13.6%
  • Average Days on the Market (DOM) 2023
    22 Days

TREB Market Summary

Greater Toronto Area (GTA) home sales and new listings were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier. Population growth and a resilient regional economy continued to support the overall demand for housing. Higher borrowing costs kept home sales below the February sales record reached in 2021. 

“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. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA,” said TRREB President Jennifer Pearce. 

REALTORS® reported 5,607 GTA home sales through TRREB’s MLS® System in February 2024 – an increase of 17.9 percent compared to February 2023. Even after accounting for the leap-year effect, sales were up by 12.3 percent year-over-year. New listings were up by an even greater annual rate than sales in February, pointing to increased choice for buyers. On a seasonally adjusted month-over-month basis, February sales were lower following two consecutive monthly increases while new listings were flat. Monthly figures can be somewhat volatile, especially when the market is approaching a transition point. 

Home selling prices in February 2024 remained similar to February 2023. The MLS® Home Price Index Composite benchmark edged up by 0.4 percent. The average selling price of $1,108,720 increased by a modest 1.1 percent. On a seasonally adjusted monthly basis, both the MLS® HPI Composite and the average selling price edged upward.

 “As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. 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,” said TRREB Chief Market Analyst Jason Mercer. 

“Population growth has been at a record pace and with the anticipated lower borrowing costs, the demand for housing – both ownership and rental – will also increase over the next two years. Unaffordable housing not only has a financial impact but also a social impact. Recent research conducted for TRREB by CANCEA in our 2024 Market Outlook and Year in Review report underscores the negative impact of unaffordable housing on people’s mental health and life satisfaction. It’s comforting to see that there has been some real building happening in the GTA and that the provincial government is rewarding those municipalities that are working to eliminate the red tape and meet those homeownership needs,” said TRREB CEO John DiMichele.


Breaking Down The Numbers

Sales Numbers, average price  percentage changes over the same time last year.

Get Your Community Specific Report!

Detached

$1,443,612| 0.2%%


Townhouse

$934,154 | -0.1%

Semi Det. 

$1,123,896 | 5.0%


Condo Apt.

$695,345 | -1.5%


Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    568 | 18.8%
  • 905 - Detached
    1,927 | 21.7%
  • 416 - Semi Detached
    181 | 26.6%
  • 905 - Semi Detached
    282 | 11.5%
  • 416 - Townhouse
    190 | 18.0%
  • 905 - Townhouse
    826 | 26.5%
  • 416 - Condos
    1,014 | 7.2%
  • 905 - Condos
     572 | 13.7%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,657,026 | -3.5%
  • 905 - Detached
    $1,380,706 | 1.7% 
  • 416 - Semi Detached
    $1,319,884 | 2.8%
  • 905 - Semi Detached
    $998,103 | 5.2%
  • 416 - Townhouse
    $970,967 | +0.4%,
  • 905 - Townhouse
    $925,686 |0.9%
  • 416 - Condo
    $726,608 | -0.4%
  • 905 - Condo
    $639,924 | -3.4%

Economic Indicators

  • Real GDP Growth | Q4 - 2023
    Up | 1.0%
  • Toronto Employment Growth | January 2024
    Up | 2.4%.
  • Inflation Rate (Yr/Yr CPI Growth) | January 2024
    Down | 2.9%
  • Toronto Unemployment Rate | January 2024
    Up | 6.8%
  • Bank of Canada Overnight Rate | February 2024
    Up | 5.0%
  • Prime Rate | February 2024
    Up | 7.2%
We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. More info