March 2024 Market Update

With the clocks springing ahead for Daylight Savings, 2024 is marching ever onward; and that means it’s time for another Vetere Team market update.

Not a significant change in selling prices across the GTA

There wasn’t a significant increase in selling prices this February, compared to the record increases we saw in recent years.

According to the Toronto Regional Real Estate Board’s Market Watch, the number of sales increased just short of 18% from this time last year, while the average selling price increased about 1% from February 2023, to reach $1,108,720.

The number of new listings jumped by approximately 33.5% from last year, which, compared with the increase of the number of sales, suggest more available options for potential buyers. Month-to-month, seasonally-adjusted sales figures were lower in February, while the average sale price increased by roughly 7.5%.

TRREB believes higher borrowing costs decreased demand among buyers

In the TRREB’s press release, Chief Market Analyst Jason Mercer highlighted the expectation that “an increasing number of buyers will re-enter the market” throughout 2024, with their preferences “adjusted…to account for higher borrowing costs.”

The Vetere Team is here to help

With the forthcoming spring market, The Vetere Team is ready and available to assist you in any Real Estate needs you may have. We look forward to speaking with you!