2024 Market Outlook Highlights

• It’s predicted that there may be a total of 77,000 sales in 2024.

• The average selling price to reach $1,170,000 for all home types combined. This would be the 2nd highest mark on record but still below the early 2022 peak.

• Ipsos reported that overall buying intentions remained the same when compared to last year, with 28% of respondents saying that they may consider buying a home in 2024. But, the share of respondents who said they were very likely to buy edged lower, highlighting the fact that there remains some uncertainty amongst would-be home buyers at the beginning of 2024.

• The number of homeowners likely (very likely or somewhat likely) to list their home for sale in 2024 declined 2% points compared to 2023 to 37%. This shows that the lack of listing inventory is still an issue, just as demand is starting to pick up.

(Source: TRREB & Ipsos, February 8, 2024)