The Toronto real estate board has reported a positive start to 2024. While new listings have started to appear on the market, they haven’t kept pace with the influx of home buyers. This has led to tighter market conditions, resulting in multiple offers on properties. The strategy of listing properties low and holding offers, which was prevalent in the past few years, is making a comeback.

Anticipating the Bank of Canada to reduce its policy rate in the second half of this year, the Toronto board expects this move to contribute to an increase in home sale prices over the next two years. Despite the average sale price across the Greater Toronto Area (GTA) being $826,000, roughly 1% lower than the previous year, there has been a significant 37% increase in the number of sales, totaling 4,223 compared to just over 3,000 in January of the previous year.

In Milton, the market presents approximately 1.9 months of inventory, with properties spending around 30 days on the market. Homes are selling for about 99% of the asking price, reflecting a robust market. The average sale price for all home types in Milton stands at $813,000, marking a substantial increase of over $40,000 from December 2023.

Should you have any inquiries about your specific property or neighbourhood, feel free to reach out anytime. We’re here to assist you in navigating the dynamic real estate landscape.