Greater Toronto dwelling gross sales soared 37 per cent final month in contrast with the identical month a yr in the past as decrease borrowing prices related to fixed-rate mortgages lured some patrons again to the market.
The Toronto Regional Real Estate Board says final month’s 4,223 dwelling gross sales additionally marked a 22.9 per cent month-over-month improve from December.
The board says the market is tighter than it was a yr in the past as new listings elevated by 6.1 per cent, however didn’t preserve tempo with demand.
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Sales have been up throughout all housing classes within the area on an annual foundation, led by townhouses at 54.5 per cent and semi-detached houses at 42.9 per cent.
Meanwhile, the typical dwelling worth dropped one per cent from the identical time final yr to $1,026,703, which was additionally a 5.4 per cent drop from the ultimate month of 2023.
TRREB president Jennifer Pearce says that if inflation cools off this yr because the Bank of Canada has forecasted, the ensuing decrease rates of interest ought to immediate extra patrons to re-enter the market, together with these presently dealing with excessive rents in search of their first dwelling.
© 2024 The Canadian Press
Greater Toronto housing market tightens as home sales surge 37% in January: board
