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February 2024 Real Estate Market Update

February 2024 Real Estate Market Update

The Greater Toronto Area (GTA) housing sector witnessed a strong surge in activity throughout February, setting an optimistic tone for the region’s real estate market heading into spring.

With a total of 5,607 homes sold, representing an impressive 33% increase from the previous month and a notable 17% rise compared to the same period last year, the market demonstrated renewed vigour. Heightened sales activity translated into a substantial uptick in property prices, with the average home fetching $1,108,720 — an impressive increase of $82,017 from January. This 8% gain marks the largest month-over-month surge since February 2022.

Across all asset classes, there were notable gains in both average sales prices and total monthly sales, signalling a robust start to the year as compared to 2023. Responding to this heightened demand, sellers have re-entered the market with listings, resulting in a monthly total of 11,102 active listings — a 15% yearly increase that offers promise for bolstered inventory levels in 2024, following a year of anemic supply.

Delving deeper into specific asset classes across the GTA, the trends in price appreciation and market activity were widespread. The detached market emerged as a frontrunner, with the average sale price surging by $92,784, accompanied by a 43% increase in total sales. The semi-detached market also witnessed substantial gains, with values soaring by $85,593 and a 35% monthly increase in sales.

In the townhouse market, prices rose by $70,507, whiles sales increased 25%. Similarly, the condo market saw a monthly price increase of $13,366, accompanied by a 19% increase in sales.

On a year-over-year basis, home selling prices remained relatively the same as February 2023, with the average price increasing by a modest 1.1%. Prices for detached homes and townhouses remained stagnant, while semi-detached home prices rose by 5%. The condo market experienced a price decline of 1.5% over the same time period.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in February. If you live in or are interested in obtaining real estate data on another neighbourhood, contact Clare Tattersall at 647-625-3282 or clare@realtorontowest.com.

Alderwood
Average Home Price: $1,162,071
Number of Homes Sold: 7
Average Days on Market: 41

In the community of Alderwood, 7 homes sold in February 2024, representing an increase of 2 homes from the same month last year. The average selling price for homes fell by 43.7% to $1,162,071 in February 2024, from $2,063,600 a year earlier. This significant year-over-year percentage change may be attributed to, at least in part, sales of larger, higher-end homes in February 2023. Sales were comprised of bungalows (5), a two-storey detached home and a one-and-a-half-storey home in February 2024. Average days on market increased to 41 days from 40 days year-over-year.

Average home prices for Alderwood for Q4 of 2023 are available here.

Islington-City Centre West
Average Home Price: $1,666,563
Number of Homes Sold: 14
Average Days on Market: 34

In the community of Islington-City Centre West, 14 homes sold in February 2024, representing an increase of 3 homes from the same month last year. The average selling price for homes fell by 13.8% to $1,666,563 in February 2024, from $1,934,273 a year earlier. Two-storey detached homes (4) and townhouses (4) combined comprised more than half of all sales. Average days on market increased to 34 days from 27 days year-over-year.

Overall Average Condo Price: $612,350
Total Number of Condos Sold: 34
Average Days on Market: 32

In the community of Islington-City Centre West, 34 condominium apartments sold in February 2024, representing an increase of 13 units from the same month last year. The overall average selling price fell by 4.9% to $612,350 in February 2024, from $643,710 a year earlier.

The average selling price for a one-bedroom, one-bathroom condominium apartment fell by 4.6% to $519,667 in February 2024, from $544,813 in February 2023. Average days on market increased to 50 days from 33 days over the same time period.

The average selling price for a two-bedroom, two-bathroom condominium apartment fell by 4.7% to $667,318 in February 2024, from $704,300 in February 2023. Average days on market increased to 36 days from 26 days over the same time period.

Average home prices for Islington-City Centre West for Q4 of 2023 are available here.

Long Branch
Average Home Price: $1,290,000
Number of Homes Sold: 3
Average Days on Market: 22

In the community of Long Branch, 3 homes sold in February 2024, representing a decrease of 3 homes from the same month last year. The average selling price for homes rose by 11.5% to $1,290,000 in February 2024, from $1,157,232 a year earlier. Sales were comprised of a two-storey detached home, semi-detached home and bungalow. Average days on market increased to 22 days from 6 days year-over-year.

Average home prices for Long Branch for Q4 of 2023 are available here.

Mimico
Average Home Price: $1,571,500
Number of Homes Sold: 8
Average Days on Market: 7

In the community of Mimico, 8 homes sold in February 2024, representing a decrease of 1 home from the same month last year. The average selling price for homes rose by 30.8% to $1,571,500 in February 2024, from $1,201,357 a year earlier. This significant year-over-year percentage change may be attributed to, at least in part, sales of larger, higher-end homes in February 2024. Two-storey detached homes (4) accounted for more than half of all sales. Average days on market decreased to 7 days from 32 days year-over-year.

Overall Average Condo Price: $837,732
Total Number of Condos Sold: 49
Average Days on Market: 34

In the community of Mimico, 34 condominium apartments sold in February 2024, representing a decrease of 1 unit from the same month last year. The overall average selling price rose by 8.5% to $837,732 in February 2024, from $771,778 a year earlier.

The average selling price for a one-bedroom, one-bathroom condominium apartment fell by 11.5% to $526,989 in February 2024, from $595,333 in February 2024. Average days on market increased to 26 days from 19 days year-over-year.

The average selling price for a two-bedroom, two-bathroom condominium apartment rose by 4.9% to $800,286 in February 2024, from $762,654 in February 2023. Average days on market increased to 40 days from 17 days over the same time period.

Average home prices for Mimico for Q4 of 2023 are available here.

New Toronto
Average Home Price: $1,267,800
Number of Homes Sold: 10
Average Days on Market: 26

In the community of New Toronto, 10 homes sold in February 2024, representing an increase of 6 homes from the same month last year. The average selling price for homes rose by 15.9% to $1,267,800 in February 2024, from $1,093,750 a year earlier. Two-storey detached homes (6) comprised more than half of all sales. Average days on market decreased to 26 days from 29 days year-over-year.

Average home prices for New Toronto for Q4 of 2023 are available here.

Stonegate-Queensway
Average Home Price: $1,781,670
Number of Homes Sold: 20
Average Days on Market: 14

In the community of Stonegate-Queensway, 20 homes sold in February 2024, representing an increase of 7 homes from the same month last year. The average selling price for homes fell by 1.7% to $1,781,670 in February 2024, from $1,812,677 a year earlier. Bungalows (9) accounted for nearly half of all sales, followed by two-storey detached homes (7). Average days on market increased to 14 days from 13 days over the same time period.

Average home prices for Stonegate-Queensway for Q4 of 2023 are available here.

Overall average condo price includes all condo apartment configurations. One-bedroom condos include one bathroom only. Two-bedroom condos include two bathrooms only.