Column Toronto Real Estate Brokerage Royal LePage RES Ltd/Johnston and Daniel Division Toronto REALTORS® Louise Dodd and Jason Dodd
Column Middle Toronto REALTOR® Louise Dodd Toronto REALTOR® Jason Dodd Toronto Real Estate Services Toronto Real Estate for Sale Previous Toronto Real Estate Sales Toronto Real Estate Information and Other Information

January Real Estate Market

Toronto Real Estate Board January MLS sale statistics:

  • GTA single family home sales including condominiums - 4223.
  • Volume - up 37%, compared to January 2023 3083 sales.
  • Volume - up 23% compared to December 2023 3435 sales.
  • Average price of a GTA single family home - $1,026,703.
  • Down 8.8% from 2023's average price of $1,126,591.

(The GTA is Burlington to Clarington, Lake Ontario to Lake Scugog)

“Once the Bank of Canada actually starts cutting its policy rate, likely in the second half of 2024, expect home sales to pick up even further. There will be more competition between buyers in 2024 as demand picks up and the supply of listings remains constrained. The end result will be upward pressure on selling prices over the next two years,” said TRREB Chief Market Analyst Jason Mercer.

We track MLS sales daily.

  • November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
  • January 2024 0-45% of central district properties sold for over asking price daily. (Based on district.)

(Central districts cover the Lake to York Mills, and the Humber River to Victoria Park.)

The January residential resale market was a soft and mixed market.

  • Some properties were unsold after 2, 3 months or more.
  • Each day there were price reductions in all market segments.
  • Some under priced or reasonably priced homes sold in "bidding wars" - a few in "bully offers".
  • The freehold home inventory was limited.
  • Many condominium apartments were for sale.
  • According to Outline Financial who makes monthly presentations to our office, many buyers are waiting for the market to bottom out.

Average GTA Prices 1988 to 2023

1988
$229,635
2006
$351,941
1989
$273,688
2007
$376,236
1990
$255,020
2008
$379,347
1991
$234,313
2009
$395,460
1992
$214,971
2010
$431,276
1993
$206,490
2011
$465,014
1994
$208,921
2012
$497,130
1995
$203,028
2013
$522,958
1996
$198,150
2014
$566,624
1997
$211,307
2015
$622,120
1998
$216,815
2016
$729,837
1999
$228,372
2017
$822,572
2000
$243,255
2018
$787,865
2001
$251,508
2019
$819,279
2002
$275,231
2020
$929,636
2003
$293,067
2021
$1,095,475
2004
$315,231
2022
$1,190,749
2005
$335,907
2023
$1,126,591
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