Residential real estate sales in the Greater Toronto Area recorded an increase of 37% in January compared to sales in the same month last year, according to a report released today by the Toronto Regional Real Estate Board (TRREB). The number of homes sold across all categories last month was 4,223, compared to 3,083 homes in January 2023, and last month's sales represent a monthly increase of 22.9% over sales in the previous month, December 2023.

The real estate market in Canada’s largest cities has become tighter than it was a year ago, as new listings, which rose by 6.1%, did not keep pace with the increase in demand.

Sales of homes from all categories increased year-over-year, by 27% for detached houses, 42.9% for semi-detached houses, 54.5% for townhouses, and 41% for condominium apartments.

On the price front, the average sale price of a home across various categories last month in Greater Toronto was $1,026,703, down 1% from the average sale price in January 2023 of $1,036,925, and down 5.4% compared to its level in the previous month, December.

By category, the average sale price of a detached home in Greater Toronto last month was $1,350,828, an annual increase of 0.8%.

The average sale price of a semi-detached home was $1,038,303, an annual increase of 1.8%, and the average sale price of a townhouse was $891,443, an annual increase of 0.5%. The average sale price of a condominium apartment was $681,979, a yearly decrease of 0.6%. Jennifer Pearce, President of the Toronto Regional Real Estate Board, described the start of 2024 as "positive."

“First-time homebuyers who are currently facing high rent rates will benefit from falling mortgage rates, making homeownership more affordable,” Pearce added.