Fri. Feb 23rd, 2024

House prices fall slightly in the Greater Toronto

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Home sales were up in January 2024 in the GTA, but prices were down compared to the same period last year. (Archive photo)


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The average sales price of properties in January in the Toronto area was down 1% compared to the same period last year, according to the Toronto Regional Real Estate Board (TRREB).

Last month, the average sale price for homes and condos was $1,026,703 in the GTA, about $10,000 less than ;in January 2023, indicates TRREB.

Sales were up 37% in January compared to a year ago, with just over 4,200 properties sold.

The number of properties newly listed for sale increased by 6% during the same period.

TRREB President Jennifer Pearce expects sales prices to pick up in the spring with the anticipated drop in interest rates, which should encourage more buyers to come forward, says her in a press release.

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This increase in competition between buyers will lead to upward pressure on prices, explains Jason Mercer, analyst for the real estate chamber, in a press release. He forecasts price growth over the next two years.

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