{"id":513,"date":"2024-02-07T21:45:15","date_gmt":"2024-02-07T21:45:15","guid":{"rendered":"http:\/\/www.themillsteam.ca\/blog\/?p=513"},"modified":"2024-02-07T21:45:15","modified_gmt":"2024-02-07T21:45:15","slug":"january-2024-market-stats","status":"publish","type":"post","link":"https:\/\/www.themillsteam.ca\/blog\/january-2024-market-stats\/","title":{"rendered":"January 2024 Market Stats"},"content":{"rendered":"<p>TORONTO, ONTARIO, February 6, 2024 \u2013 Home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started to benefit from lower borrowing costs associated with fixed rate mortgage products. New listings were also up year-over-year but by a lesser annual rate compared to sales. The resulting tighter market conditions when compared to the same period a year earlier, potentially points toward renewed price growth as we move into the spring market. \u201cWe had a positive start to 2024. The Bank of Canada expects the rate of inflation to recede as we move through the year. This would support lower interest rates which would bolster home buyers&#8217; confidence to move back into the market. First-time buyers currently facing high average rents would benefit from lower mortgage rates, making the move to homeownership more affordable,\u201d said TRREB President Jennifer Pearce.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-515\" src=\"http:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_2.png\" alt=\"\" width=\"1667\" height=\"1667\" srcset=\"https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_2.png 1667w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_2-300x300.png 300w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_2-1024x1024.png 1024w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_2-768x768.png 768w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_2-1536x1536.png 1536w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_2-420x420.png 420w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_2-240x240.png 240w\" sizes=\"auto, (max-width: 1667px) 100vw, 1667px\" \/>There were 4,223 sales reported through TRREB\u2019s MLS\u00ae System in January 2024 \u2013 an increase of more than one-third compared to January 2023. The number of new listings was also up year-over-year but by a lesser annual rate of approximately six per cent. Stronger sales growth relative to listings suggests buyers experienced tighter market conditions compared to a year ago. On a month-over-month seasonally adjusted basis, both sales and new listings were up. Sales increased more than listings which means market conditions tightened relative to December 2023. \u201cOnce 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,\u201d said TRREB Chief Market Analyst Jason Mercer.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-516\" src=\"http:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_3.png\" alt=\"\" width=\"1667\" height=\"1667\" srcset=\"https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_3.png 1667w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_3-300x300.png 300w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_3-1024x1024.png 1024w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_3-768x768.png 768w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_3-1536x1536.png 1536w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_3-420x420.png 420w, https:\/\/www.themillsteam.ca\/blog\/wp-content\/uploads\/2024\/02\/MillsTeam_January_SocialStats_800x800_Feb06_2024_3-240x240.png 240w\" sizes=\"auto, (max-width: 1667px) 100vw, 1667px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>The MLS\u00ae Home Price Index Composite in January 2024 was down by less than one per cent year-over-year in January. The average selling price was down by one per cent year-over-year to $1,026,703. On a month-over-month seasonally adjusted basis, both the MLS\u00ae HPI Composite and the average selling price also trended lower. \u201cWhile housing market conditions are expected to improve with lower borrowing costs, there are still a number of policy issues that need to be addressed. At the federal level, more reflection on the Office of the Superintendent of Financial Institution (OSFI) mortgage stress test is required, especially to its application at different points in the interest rate cycle. The focus for the Province needs to remain on building 1.5 million new homes. At the municipal level, raising property taxes without consistent support from the federal and provincial governments won\u2019t eliminate Toronto\u2019s structural deficit. Helping first-time homebuyers get into the ownership market will ease movement across the entire spectrum and relieve pressure on the rental market,\u201d said TRREB CEO John DiMichele.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO, ONTARIO, February 6, 2024 \u2013 Home sales were up in January 2024 in comparison to January 2023. This annual increase came as some homebuyers started &hellip;<\/p>\n","protected":false},"author":2,"featured_media":514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>January 2024 Market Stats - The Mills Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.themillsteam.ca\/blog\/january-2024-market-stats\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"January 2024 Market Stats - The Mills Team\" \/>\n<meta property=\"og:description\" content=\"TORONTO, ONTARIO, February 6, 2024 \u2013 Home sales were up in January 2024 in comparison to January 2023. 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