Curious about what’s in store this year for the Greater Toronto Area (GTA) real estate market? Wondering how shifting trends and economic factors might influence your buying or selling decisions?
On Thursday, February 8, nearly 700 TRREB Members, industry partners, the media and policymakers attended TRREB’s 2024 Market Outlook & Year in Review event to find out what lies ahead for mortgage rates and housing supply.
Key Highlights
1. Increased Demand: With record population growth, a resilient economy, low unemployment rates, and declining mortgage rates expected in the latter part of the year, a higher number of home sales are projected compared to 2023.
2. Market Projections: In 2024, TRREB anticipates a total of 77,000 sales and an average selling price for all home types combined to reach $1,170,000, making it the second-highest mark on record but still below the 2022 peak.
3. Buying and Selling Intentions: Overall buying intentions have remained steady, with 28 per cent of respondents in an Ipsos poll saying they intend to purchase a home in 2024. On the selling side, there’s a slight decline, with 37 per cent of homeowners likely to list their homes for sale, down two per cent from 2023.
Looking for More?
Explore the Report: Dive into TRREB’s 2024 Market Outlook and Year in Review report and interactive digital digest to explore the Year in Review infographic, watch videos from TRREB’s Chief Market Analyst on new market insights, and read first of its kind research on the impact housing unaffordability has on residents.
