Toronto Housing Market 2024: Thrilling Rebound and Exciting Forecast

Exciting news for all real estate hotshots and house hunters out there! The Toronto Regional Estate Board (TRREB) is marking the start of 2024 with a thrilling forecast – a marked rebound in the Greater Toronto Area’s housing market is on the cards. Let’s plunge into the juicy parts of this ambitious prediction:

• Sales are expected to roar up to 77,000 by the end of 2024, a rise of almost 17% from the 66,000 transactions recorded in 2023. Talk about climbing uphill!
• New listings are projected to be around 150,000. While it’s still historically low, it's looking rosier than 2023.
• Average selling price? That baby is predicted to grow by a smidge under 4% to touch $1.17M. That puts it in second place for highest mark on record.
• The teeter-totter of mortgage rates could play key roles in shaping the GTA’s housing market this year. With borrowing costs on track to mellow down, housing affordability might just breathe easy, lifting the spirits of overall market mentality.
• Brace yourselves, because Canada is expecting an influx of about 500,000 newcomers annually over the next three years – and most of them will likely cozy up in the GTA. Talk about adding fuel to the housing demand fire!
• However, it's not all sunshine and roses. In the shadow of rapid population growth, new housing supply looks poised to grapple with affordability challenges. And it doesn’t help that new listings of existing homes have been stationary, at best, over the past decade.

To round it all off, TRREB is sprinkling some cheer with the forecast of some degree of relief for the GTA’s condo rental market. What's more, survey results indicate that a good 33% of renters might consider running off to homeownership if rent prices escalate further – potentially creating some elbow room in the rental arena. Who doesn't love a plot twist?

So, my hot take? We're at the edge of our seats, yearning for 2024 to shake up the Toronto housing market in its own unique style. While it's a mixed bag of soaring sales and constrained supply, let's not forget that every challenge comes wrapped in an opportunity. The upward thrust in housing demand, especially from the newcomers, opens a potential rally rush on housing diversity and innovative solutions. So let's put our game faces on and tackle 2024 with gusto! Their move, our groove – here we come!

SOURCE:Storeys