The January 2024 Market Report for Etobicoke and west toronto

Is The Toronto Real Estate Market Heating Up?

The real estate headlines for January are not disappointing. 

We have a major news outlet describing the January market as “roaring”.

We had an underpriced house making major waves for having 85 offers. 

Meanwhile over on socials we have numerous accounts highlighting examples of the market crash by showing homes that have either been sold for less than the benchmark month they were purchased in, or homes that aren’t moving at all..

So where’s the accurate account of the market in the past month? 

Here’s what you need to know. 

Sales Numbers

Sales are up.

A bit.

In West Toronto there were 360 sales, compared to 336 in Dec. 

In my opinion 360 sales isn’t a very active market at all and it is definitely not “Roaring”.

 

Average Price

The average price is down across GTA as a whole, as in West Toronto and Etobicoke.

In detached homes, the average price for January was $1,383,626 .

This  is down from December,  but pretty much exactly where we were in January 2023.

I think this monthly comparison of price is seasonally appropriate and not cause for concern.

 

New Listings

The condo market is still an outlier.

If we look at new listings, there were 496 new listings in January 2024 compared to 194 in December 2023.

In comparison the detached market only saw  217 new listings in January.

There were 178 condo sales in West Toronto January 2024 , which is very similar to January 2023

Here is where the stats are interesting:

There were 3215 active CONDO listings in January in the City of Toronto, 702 of these in West Toronto. 

In comparison, in West Toronto there were only 232 Active listings for Detached homes.   

It is still very much a buyers market for condos while inventory remains very low for detached homes.

Flippers are still making profits in condo flipping right now. 

If you are a buyer looking for a deal, especially if you are open to doing your own renovations, the condo market is ideal with so many active listings.

With the rental market being as chaotic as it is now, buying a condo may be ideal and achievable.

 

Condo Towns are picking up with new listings with 78 new listings in Jan, which is double what we normally see.

I am not surprised by this.

Condo towns are usually very good value for quality of life.

  • Spacious,
  • private
  • with a lower price tag (generally) then freeholds. 

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What's Next For February?

What’s coming next?

The market is definitely picking up now in February. 

I have also noticed that some detached that were sitting over November/December 2023 are selling.

New detached listings are selling within a week or 2 in West Toronto.

There are rumblings of multiple offers appearing for high demand properties.

 

I think that if our inventory remains low, we will start to see prices come up. 

 

I am happy to drill down to specific neghbourhoods for buyers and sellers. Please reach out for a free analysis of your home and neighbourhood.  

You can check out my Etobicoke Market Updates, as well as Buyer and Seller Videos here :

 

 

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