so the Bank of Canada decided to keep interest
rates steady in January, but how did that impact Toronto's real estate market? Did things get
better, or worse? Find out right here, right now. [Music] Considering 2023 was a bit of a gong show for
Real Estate filled with so many ups and downs and unknowns, it's no wonder 2024 was welcome with open
arms. We all hoped that a new start would breathe life and stability into our turbulent market. And for
those of you with high hopes for 2024, well
we can all breathe a sigh of relief because it looks
like we're off to a good start... Or are we? Well, the media says we are, but let's dive into the numbers
and decide for ourselves. We'll start with the average price of a home in the city of Toronto. The
Toronto Regional Real Estate Board reported that the average price in January fell below $1 million
for the first time since January 2023, dipping to $959,915. This is a decrease of 9.7%
month over month and a decrease of 2.8% year-over-
year.
And compared to 2022 it's a decrease of 10.5%. So despite all the media hype
around the real estate market bouncing back, the truth is the average price fell considerably. But
don't get too discouraged at this point because we still have a ways to go in this report, and it's
very common that we see a dip in the average price in the month of January. Let's move on because
here's where things get a bit better. There were 3,456 new listings last month. An increase of
127.8% month over m
onth and an increase of 14.8% year-over-year. It also increased 11.1% compared
to 2022. Now let's look at how many homes were sold Toronto saw 1,472 homes sold in January. An
increase of 16.3% month over month and a 32.9% increase year-over-year. Yes, these are impressive
numbers until we compare it to 2022, which saw a dip of 34.5%. But let's take this with a grain of
salt because let's not forget Q1 of 2022 was an exception. We were hitting record-high peaks
in the first quarter. And this
anomaly will be reflected throughout the rest of this video
when we compare figures to January of 2022. Now we'll drill down into different housing types
and look at how each segment performed. Let's start with detached homes where Toronto's average
price in January was recorded at $1,570,520. This is down 3.5% from last month, but up 5.7% from
January of last year. But compared to 2022, it's down 16.7%. There were 342 detached homes sold
in January, down 7.8% month over month, but it's up
7.5% year-over-year. Compared to 2022, it's down
28.2%. Now we'll look at semi-detached homes where the average price in January was just shy of
$1.2 million. This is up 2.2% from December and up 4.3% year-over-year, But it decreased 18.5%
compared to 2022. There were 106 semi-detached homes sold last month. Down 17.2% month over month,
and up 26.2% year-over-year but it's down 26.4% when compared to January 2022. Now let's look at
how townhomes perform. But before we do, are you new to th
is channel? If so, and this is your first
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Okay moving on, the average price of townhomes in Toronto fell drastically in the month of January,
hovering just over $895,000. This is a decrease of 18.7% mont
h over month and a decrease of 8.8%
year-over-year. It's also down 17.1% compared to 2022. There were 131 townhomes sold last month, up
17% month over month and up 42.4% year-over-year. But it's down 35.5% from January of 2022. Lastly
we'll look at condos where the average price in Toronto remained somewhat steady
after its slump last month. The average hit $709,419. Increasing 0.02% month over month,
and decreasing 0.2% year-over-year. It's also down 6.7% compared to
January 2022. There we
re 883 condos sold last
month. An increase of 37.8% month over month, and 46.2% year-over-year. But it dropped 37.3%
compared to 2022. So when you dig deep into the numbers, January was really a mixed bag of
good news and bad news. But overall, January gets a passing grade with both new listings and
number of homes sold performing really well. So what should we expect for the rest of the year?
Will it mirror January's performance? Or will it be a copy-paste of 2023's roller coaster ride?
We
ll it really depends on what the BoC decides to do with interest rates. But according to
an article recently posted on storeys.com, CIBC analysts expect the Bank of Canada to cut
interest rates by 1.25% in 2024. With the first drop of a .25% happening in June. This may act as
reassurance to most buyers looking to buy a home or investment in Q1. Which will in turn result
in a very busy start to the spring market. And there you have it Toronto's market update for
the first month of 2024. And
remember, if you're thinking of moving to, or leaving Toronto, reach
out to us anytime. Every day we get calls from people just like you planning the Toronto move.
Whether you're moving in 3 days or in 3 months, we got you covered. Our team is dedicated to
providing tailored solutions that match your needs and timeline to help make your move easy
and stress-free. Thanks for watching, subscribing and liking this video, and don't forget to tap that
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e, feel free to give us a call, send us a text or drop
us an email. Thanks again and I'll see you next time [Music]
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