Toronto Real Estate Market Report: Trends Explained! (February 2024)

The numbers are in, confirming our predictions! The Toronto real estate market is gaining traction.

Sales, listings, and prices are all on the rise in the Toronto real estate market for February 2024. With increased buyer confidence, declining fixed rates, and the approaching bustling spring market, we anticipate this upward momentum to carry into the spring season.

Let’s take a closer look.

Toronto Real Estate Price Trends From TRREB MLS®

Toronto real estate prices surged by 8% month over month, rebounding from the low point set in January 2024.

Upon a closer look, it’s evident that the entry-level markets are bouncing back the quickest, with Toronto semi-detached homes showing a remarkable 10% month-over-month increase.

Jan 2024 Feb 2024 Change
Average Price $1,026,703 $1,108,720 +8%
416 Detached $1,570,520 $1,657,026 +6%
416 Semi $1,199,531 $1,319,884 +10%

Toronto Real Estate Sales & Listings From TRREB MLS®

Toronto real estate sales have increased, but interestingly, Toronto listings have risen even more compared to last year.

We’re witnessing a surge in offer dates, bidding wars, and preemptive offers in the Toronto real estate market.

These factors are tempering the pace of price gains from spiralling out of control. Overall, while confidence is returning, Toronto real estate buyers remain cautious during bidding, and elevated interest rates are acting as a brake on rapid price increases.

Feb 2023 Feb 2024 Change
Average Price $1,096,177 $1,108,720 +1%
Sales 4,753 5,607 +18%
New Listings 8,402 11,396 +36%
SNLR 57% 49% -13%

Understanding Toronto Real Estate Market Dynamics Through the SNLR

The sales-to-new-listings ratio (SNLR) helps gauge market balance. 

With more homes being listed than sold, the balance between supply and demand in the Toronto housing market stays steady, shown by the SNLR. 

  • Seller’s Market (SNLR above blue line): Demand exceeds supply, leading to competition among buyers and price increases.
  • Buyer’s Market (SNLR below blue line): Oversupply gives buyers negotiating power and may result in lower prices.
  • Balanced Market (SNLR at blue line): Supply and demand are in equilibrium, leading to stable prices at around 60% in the Toronto real estate market.

Key Insights Into Today's Toronto Real Estate Market

Thing will likely continue to heat up in the Toronto real estate market. If the Bank of Canada (BoC) decides to lower interest rates later this year, it might encourage more people to buy homes. 

Considering investing in Toronto properties? Don’t wait until you see the SNLR rising because by then, it might be too late to get the best Toronto real estate deals. 

Remember, the TRREB data lags behind, so if you’re serious about investing in Toronto real estate, it’s best to act before the Toronto SNLR starts to climb. 

Once it does, Toronto real estate prices could shoot up quickly, making it harder to find Toronto investment deals out there!

How We Can Help

If you’re searching for top-notch real estate investment opportunities in Toronto, our expert team is here to assist you.

We’re not your average real estate sales brokerage. Instead, we prioritize data-driven approaches to make smarter investment decisions in Toronto. 

This could involve seeking out robust investments with positive cash flow, considering risk management strategies, and exploring avenues to enhance returns, such as value-add renovations and investments in up-and-coming neighbourhoods.

If you’re interested in discussing your personal real estate situation with us, simply click the link below to schedule a chat. We’re here to help you navigate the world of real estate investing with confidence.

What Toronto Real Estate Investment Is Right For You?

Check out our complete Toronto real estate investment guide for all the details and real-life examples. If you’re ready to dive in, just book a call with us!