February Toronto Real Estate Market Stats: The Market is Heating Up Faster Than The Weather

After months of sitting on the sidelines, Buyers and Sellers alike hit the ground running this February. This means the Toronto Real Estate Market is heating up well before the seasonal rush. The demand for homes is on the rise, fuelled by our growing population and a strengthening economy. A glance at the numbers reveals a noticeable uptrend, with the average home price in the GTA climbing to $1,108,720 in February 2024 — a 1.1% increase from the previous year. Transaction volumes have also seen a robust 18% jump year-over-year. For those pondering a purchase, now is the moment to align your financial strategies. The market is vibrant once more, and it beckons you to step up with your A-game in real estate. I'm Vanessa Copeland, your guide and Toronto real estate expert, eager to share with you the insights from our March Market Update.

Jason Mercer, the esteemed Chief Market Analyst at the Toronto Regional Real Estate Board, has forecasted a resurgence of buyers as we delve deeper into 2024. A projected decrease in interest rates, coupled with our burgeoning population, is poised to attract an even larger pool of prospective homeowners. Notably, this includes those making the pivotal leap from leasing to owning their first home.

With Canada's population expanding at an unprecedented rate, the challenge of matching supply with demand looms large. Consequently, the introduction of new listings will be critical in balancing the scales of availability and affordability. For those intrigued by the prospect of buying into pre-construction projects, developers are currently dangling attractive incentives that are likely to taper off as market conditions tighten. Should you or someone you know be in search of tailored real estate guidance, our team is on standby, ready to offer a no-strings-attached consultation to navigate these exciting opportunities!

Average Home Price in the GTA By Month 2023/2024

Let’s take a look at some of the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.

GTA Real Estate Insights

In February 2024, the average sale price (all home types) in the Greater Toronto Area was up 1.1% to $1,108,720 compared to last year. The number of sales were up significantly by 18%. Condos prices in the GTA were slightly down by 1.4%, to $695,345. The number of condo sales was up by 9% in February with 1,586 condo sales. Inventory is getting tight again. Currently, we have 2.39 months worth of inventory (homes for sale in the GTA). If there were no more homes listed for sale, we would sell out in 1.98 months. As a result of the current market, listings are taking on average 30 days to sell in the GTA.

Toronto Real Estate Market Stats

In February 2024, the average sale price (all home types) in Toronto was barely up by 0.1% to $1,072,528 compared to last year and the number of sales was up 13%. Condos prices in Toronto were slightly down 0.2%, to $726,608. The number of condo sales was up 6.5% in February with 1,014 condo sales. Currently, we have 2.55 months worth of inventory (homes for sale in Toronto). If there were no more homes listed for sale, we would sell out in 2.55 months. As a result of the current market, listings are taking an average of 31 days to sell in Toronto.

Mississauga Real Estate Market Stats

In February 2024, the average sale price (all home types) in Mississauga was slightly down by 1.3% to $996,259 compared to last year and the number of sales was up 24.1%. Condos prices in Mississauga were up by 3%, to $630,583. The number of condo sales was up 30.2% in February with 168 condo sales. Currently, we have 2.01 months worth of inventory (homes for sale in Mississauga). If there were no more homes listed for sale, we would sell out in 2.01 months. As a result of the current market, listings are taking an average of 30 days to sell in Mississauga.

Oakville Real Estate Market Stats

In February 2024, the average sale price (all home types) in Oakville was slightly up 0.7% to $1,575,436 compared to last year and the number of sales was up 20.9%. Condos prices in Oakville were down 40.9%, to $685,515. The number of condo sales was up 57.7% in February with 41 condo sales. Currently, we have 2.05 months worth of inventory (homes for sale in Oakville). If there were no more homes listed for sale, we would sell out in 2.05 months. As a result of the current market, listings are taking an average of 32 days to sell in Oakville.

Durham Real Estate Market Stats

In February 2024, the average sale price (all home types) in the Durham Region was slightly up 3.4% to $919,017 compared to last year and the number of sales was up 24%. Condos prices in the Durham Region were up 2.1%, to $548,815. The number of condo sales was down 14.3% in February with 48 condo sales. Currently, we have 1.08 months worth of inventory (homes for sale in the Durham Region). If there were no more homes listed for sale, we would sell out in 1.08 months. As a result of the current market, listings are taking on average 26 days to sell in the Durham Region.

York Region Real Estate Market Stats

In February 2024, the average sale price (all home types) in the York Region was up slightly by 1.7% to $1,324,423 compared to last year and the number of sales was up 14.6%. Condos prices in the York Region were up by 2.1%, to $690,823. The number of condo sales was up 4.1% in February with 201 condo sales. Currently, we have 1.91 months worth of inventory (homes for sale in the York Region). If there were no more homes listed for sale, we would sell out in 1.91 months. As a result of the current market, listings are taking on average 30 days to sell in the York Region.

Brampton Real Estate Market Stats

In February 2024, the average sale price (all home types) in Brampton was slightly up by 0.5% to $1,033,673 compared to last year and the number of sales was up 16.5%. Condos prices in Brampton were up 3.7%, to $557,371. The number of condo sales was consistent with last year, with 31 condos sold. Currently, we have 1.59 months worth of inventory (homes for sale in Brampton). If there were no more homes listed for sale, we would sell out in 1.59 months. As a result of the current market, listings are taking an average of 27 days to sell in Brampton.

Thinking of Making A Move?

As experts within the Toronto real estate industry, our commitment lies in equipping our clients with comprehensive data to empower informed decisions when it comes to buying or selling property. If you’re considering a purchase or sale in this vibrant market, reach out to our experienced team of Toronto real estate agents. We’re here to engage in meaningful discussions with you! Let's chat!