skip to Main Content
January 2024 Real Estate Market Update

January 2024 Real Estate Market Update

Tighter market conditions have returned to the Toronto-area housing market suggesting 2024 is gearing up to be a considerably busier year than its predecessor.

Home sales were higher in January, reaching 4,223 — an impressive 36% yearly growth — as homebuyers benefitting from lower borrowing costs associated with fixed rate mortgages waded back into the market. (While the Bank of Canada is holding interest rates steady at 5%, several major financial institutions have begun offering rate discounts.)

Total active listings also climbed 8.5% year-over-year, but was overshadowed by the strong sales numbers.

Months of inventory at the end of January was 2.4, indicating the market is swinging back to favour sellers and there’s potential of renewed price growth as we move into spring.

The average home sale price for the month settled at $1,026,703, which is only 2.3% off the figure from January 2023.

The detached and semi-detached markets saw year-over-year price appreciation, up $8,980 and $18,635, respectively. Both also experienced a jump in sales activity over the same time period. Sales increased 26% in the detached segment, while the semi-detached segment witnessed a 42.9% increase in total sales.

Sales in the condominium market jumped 40.5%, while the yearly sales price fell modestly — less than 1%.

Similarly, the townhouse segment saw sales increase 59.5% year-over-year, and a slight uptick in prices by 0.5%.

Here’s how the real estate market performed in six Etobicoke neighbourhoods in January. If you live 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: $1,102,050
Number of Homes Sold: 4
Average Days on Market: 22

In the community of Alderwood, 4 homes sold in January 2024, representing no change from the same month last year. The average selling price for a home fell 25.7% to $1,102,050 in January 2024, from $1,482,547 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 January 2023. Sales were comprised of bungalows (3) and a one-and-a-half-storey home in January 2024. Average days on market increased to 22 days from 8 days year-over-year.

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

Islington-City Centre West
Average Home Price: $1,805,500
Number of Homes Sold: 2
Average Days on Market: 12

In the community of Islington-City Centre West, 2 homes sold in January 2024, representing a decrease of 2 homes from the same month last year. The average selling price for a home rose 26.8% to $1,805,500 in January 2024, from $1,423,750 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 January 2024. Sales were comprised of a bungalow and a two-storey detached home. Average days on market decreased to 12 days from 42 days year-over-year.

Overall Average Condo Price: $649,995
Total Number of Condos Sold: 35
Average Days on Market: 36

In the community of Islington-City Centre West, 35 condominium apartments sold in January 2024, representing an increase of 4 units from the same month last year. The overall average selling price rose 9.7% to $649,995 in January 2024, from $592,771 a year earlier.

The average selling price for a one-bedroom, one-bathroom condominium apartment fell 2.3% to $498,356 in January 2024, from $510,343 in January 2023. Average days on market decreased to 26 days from 34 days over the same time period.

The average selling price for a two-bedroom, two-bathroom condominium apartment rose 4.7% to $664,500 in January 2024, from $634,767 in January 2023. Average days on market increased to 45 days from 43 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: $1,589,250
Number of Homes Sold: 4
Average Days on Market: 33

In the community of Long Branch, 4 homes sold in January 2024, representing a decrease of 1 home from the same month last year. The average selling price for a home rose by 70.3% to $1,589,250 in January 2024, from $933,000 a year earlier. This significant year-over-year percentage change may be attributed to sales of larger, higher-end homes in January 2024. Sales were comprised of two-storey detached homes. Average days on market decreased to 33 days from 37 days year-over-year.

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

Mimico
Average Home Price: $1,441,000
Number of Homes Sold: 8
Average Days on Market: 16

In the community of Mimico, 8 homes sold in January 2024, representing an increase of 5 homes from the same month last year. The average selling price for a home fell 16.5% to $1,441,000 in January 2024, from $1,163,333 a year earlier. Bungalows (4) accounted for half of all sales, followed by two-storey detached homes (2). Average days on market increased to 16 days from 4 days year-over-year.

Overall Average Condo Price: $691,817
Total Number of Condos Sold: 31
Average Days on Market: 38

In the community of Mimico, 31 condominium apartments sold in January 2024, representing a decrease of 14 units from the same month last year. The overall average selling price fell 0.8% to $691,817 in January 2024, from $697,433 a year earlier.

The average selling price for a one-bedroom, one-bathroom condominium apartment fell 10.7% to $531,769 in January 2024, from $595,333 in January 2023. Average days on market increased to 44 days from 25 days year-over-year.

The average selling price for a two-bedroom, two-bathroom condominium apartment fell 4.6% to $773,750 in January 2024, from $810,700 in January 2023. Average days on market increased to 38 days from 10 days over the same time period.

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

New Toronto
Average Home Price: $1,228,000
Number of Homes Sold: 2
Average Days on Market: 4

In the community of New Toronto, 2 homes sold in January 2024, representing no change from the same month last year. The average selling price for a home fell 19.5% to $1,228,000 in January 2024, from $1,525,000 a year earlier. This significant year-over-year percentage change may be attributed to, at least in part, sales of higher-end homes in January 2023. Sales were comprised of a bungalow and a one-and-a-half-storey home in January 2024. Average days on market decreased to 4 days from 34 days year-over-year.

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

Stonegate-Queensway
Average Home Price: $1,555,933
Number of Homes Sold: 10
Average Days on Market: 30

In the community of Stonegate-Queensway, 10 homes sold in January 2024, representing an increase of 3 homes from the same month last year. The average selling price for a home fell 13% to $1,555,933 in January 2024, from $1,788,529 a year earlier. Bungalows (6) accounted for more than half of all sales in January 2024, followed by two-storey detached homes (3). Average days on market increased to 30 days from 26 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.