Real Estate Market Recovery Hit Another Bump

Overview of important developments in the Toronto Metro housing market and macro reported in February 2024

Highlights

• There was a big jump in Toronto Metro Real Estate prices, but the market weakened in February.

• Rents were unchanged compared to last year, however, the rental market is slowly gaining strength.

• Record low pre-construction condo sales.

• Strong housing starts and completions in Toronto Metro.

• Interest rate cuts in 2024 may have a limited impact.

• Record-high inputs for Canada's population growth continue.

• Wage growth is elevated, posing an upside risk to inflation.

Real Estate Market

In February, sales activity in Toronto Metro declined while new listings increased compared to the 10-year average.