Toronto’s Housing Market Sees Upturn in February 2024 with Increased Sales and Listings

In February 2024, the Toronto housing market experienced a notable surge. Here’s a four important insights.

1.  The average selling price for homes reaching $1,108,720, a 1.1% increase from the previous year.

2. Home sales saw a significant jump of 17.9%, totaling 5,607 sold listings, outpacing the growth from February 2023.

3. There was also a 33.5% spike in new listings, indicating a more active market with 11,396 new properties available.

4. Despite the increase in both sales and listings, the sales-to-new-listings ratio decreased to 49%, down from 56% the year before, reflecting a more balanced market.