GTA Monthly Housing Report

GTA Monthly Housing Report – March 2024

The GTA housing market continued to improve in February, supporting balanced conditions across all regions and housing types. Sales reported a large increase from a year ago. Activity remained well below normal, particularly relative to the recent population boom. While the market has been tightening in recent months, there has been little upward pressure on selling prices as buyers remain cautious in light of current elevated interest rates.

For the third straight month, the GTA resale housing market produced double-digit annual sales growth, with total MLS activity rising 18% year-over-year to 5,607 transactions. However, even with this gain, sales last month were 19% below their 10-year average. The 33% month-over-month increase in sales was below the 10-year average January-February increase of 45% leading into the pandemic.

Annual growth in new listings outpaced sales in February, rising 33% from a year ago. This kept the ratio of sales-to-new listings at a balanced level of 49%.

Active listings at month-end were up 15% annually to 11,102 units. This was 10% above the 10-year average but 19% below the 20-year average. Measured against sales in February, active listings equalled 2.0 months of supply — the lowest level of inventory since June 2023. As inventory levels tightened, multiple offers became more common and homes began to sell above asking prices again, with an average sale price-to-list price of 101% in February.

Strengthening market conditions pushed average resale prices up to a four-month high of $1.108 million. This represents a modest 1.1% annual increase. Overall, the monthly trend for average prices has been essentially flat since the second half of 2023. Compared to the market peak two years ago in February 2022, average prices decreased by 17%. Despite this decline, the 10-year average growth rate for prices was 8.2%, with a longer-term average growth rate of 6.7% going back to 1997.

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