One Minute Market Update - January 2024

January 2024 Key Takeaways: 

• Average sale price in January showed a drop off compared to December however is relatively flat from this time last year.
• With the new year comes new activity and January buyer confidence certainly appears to have picked up with 33% more sales from this time last year. 
• November and December are typical for new listings to slow down and with the uncertainties surrounding the end of the year, they were lower than normal. However, with January’s announcement of another rate hold and seemingly some economic stability, sellers are coming back to the market with a significant increase in new listings both month over month and year over year. 
• I’m watching the market unfold quickly week over week and activity is picking up! Buyers are coming out of the woodworks and sellers are trying to take advantage. My hunch is as long as rates hold steady or start to come down, this trend will start to cause subtle upward pressure in prices in the coming months. 
• Running numbers after the first week of February, Toronto Freehold homes are down to 2.8 Months Of Inventory (Sellers Market) and Toronto Condos are down to 3.8 Months Of Inventory (Balanced Market).

Data below. 

*I intentionally like to keep these reports short and straightforward. If you have questions about any specific aspect of the market or want me to expand on the data shared, please reach out.