Navigating the turbulent waters of Toronto's real estate market in January 2024 feels akin to riding the waves of change. As we reflect on the trends that shaped 2023, the shifting tides are evident. The demand for housing, driven largely by record immigration, cast its spotlight on the rental market, while the number of home sales experienced a dip largely due to the challenge of affordability, exacerbated by soaring mortgage rates.
The good news is that relief seems to be on the horizon. Borrowing costs are expected to trend lower in 2024, and the combination of lower mortgage rates and a resilient economy should pave the way for a rebound in home sales.
Buyers who were in the market throughout 2023 had the advantage of more choices. This allowed them to negotiate lower selling prices, mitigating the impact of higher borrowing costs. Assuming borrowing costs trend lower this year, we can anticipate tighter market conditions prompting renewed price growth in the coming months.
As we stand at the threshold of 2024, the currents of change beckon. The resilience of Toronto's real estate market remains poised for a comeback, a tale written in the language of shifting trends and renewed possibilities.
Here are the most recent Toronto numbers...