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The Toronto Regional Real Estate Board (TRREB) recently unveiled its insights on the Greater Toronto Area (GTA) real estate market for 2024 through its Market Outlook and Year in Review report. This comprehensive report encompasses a range of facets within the GTA real estate landscape, including emerging trends in new homes and condos, alongside an evaluation of the commercial sector. Incorporating Ipsos consumer polling data, the report offers valuable insights into the intentions of home buying and selling for 2024, coupled with TRREB's analysis of key metrics such as home sales, new listings, average prices, and crucial market drivers like interest rates, population growth, and employment trends.

TRREB's chief market analyst, Jason Mercer, anticipates a positive trajectory for the GTA housing market in 2024, heralding the onset of a multi-year recovery period. Mercer cites factors such as robust population growth, a resilient economy, declining mortgage rates in the latter part of the year, and low unemployment as catalysts for increased home sales compared to the previous year. However, he also acknowledges persistent affordability challenges for some households, underscoring the importance of not only rising demand but also a concurrent rebound in housing supply and new construction.

Key highlights from the market outlook projections reveal an expected total of 77,000 home sales for the year, with an average selling price forecasted to reach $1,170,000 across all home types. Despite being the second-highest recorded average price, it remains below the peak observed in early 2022. Ipsos data suggests a sustained interest in home purchases in 2024, although there's a slight decrease in the proportion of respondents expressing a high likelihood to purchase, indicating lingering uncertainty among potential buyers. Moreover, challenges in listing inventory availability persist, as indicated by a decrease in the percentage of homeowners likely to list their properties for sale compared to the previous year. The report also underscores the urgent need for increased housing supply to accommodate the record population growth driven by immigration, calling for proactive planning and streamlined processes to address housing affordability and supply issues effectively. TRREB's leadership stresses the importance of prioritizing diverse and affordable housing options, with calls for government support and incentives to stimulate housing development across the spectrum.

Read the full article on: REAL ESTATE MAGAZINE