Bidding wars have returned to Toronto's real estate market, with freehold inventory remaining tight in highly desirable neighbourhoods.
Interestingly, there's been a massive reduction in the number of new condo buildings being developed in Toronto in 2024. The demand for condos has subsided over the last few years, plus there's pressure to reduce the amount of foreign buyers. The effect of this will be felt in four to five years, with the city's immigration continuing and far fewer units being available.
February's housing market stats didn't show us anything extraordinary. Prices edged up compared to this time last year and the number of new listings increased slightly, along with the amount of sales. The overall feeling is that interest rates are going to be cut soon — it's just unclear when and by how much.
Wishing everyone a nice last few weeks of winter and looking forward to a busy spring! -Andrew
