On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s February 2024 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from February 2024 - as well as specific info on both condo and home prices in the GTA.

Real Estate Market Watch: Residential Transactions

• 5,607 residential home transactions took place in February 2024, up from 4,754 in February 2023 - an increase of 17.9%.
• There was a 12% decrease in the number of purchases from January 2024 (6,471) to February 2024 (5,694).

 

February 2024 Real Estate News: Average Selling Prices

• The average sale price for February 2024 was $1,108,720. This is an increase of 1.1% from February 2023, when it was $1,096,663.
• The average price for homes in the Greater Toronto Area saw a 1.3% increase compared to the previous month (from $1,065,663 to $1,079,996).

 

 Monthly Market Update: New Listings

• There were 11,396 listings available for February 2024, which is a 33.5% increase from February 2023 (when there were 8,537).
• The sales-to-listings ratio has decreased by 7% from February 2023, from 56% to 49%.

 

Real Estate Market Watch for February 2024: Days On The Market

• The average property spent 37 days on the market, compared to 33 last year - an increase of 12.1%.
• Listings spent an average of 25 days on the market, which is an 13.6% increase from this month last year (when they spent an average of 22).

   

Click Here To Read TRREB's February 2024 Real Estate Market Watch Report for Both Homes and Condos

  In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:

• How do I get my down payment?
• Can I use my RRSP for my down payment?
• How can I make the profits from my pre-construction purchases tax-free?
• What type of home or mortgage can I afford?
• Which incentives are available for first-time buyers?
• What is a PDI?
• What are the pros & cons of buying or selling an assignment before closing?

 We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA's home & condo markets - both for January 2024 and beyond. Check out our full series of real estate market watch reports.