March 2024 Luxury Market Report

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3/26/20243 min read

March 2024 Luxury Market Report

In February, the Toronto luxury housing market shifted to a Seller’s territory due to relatively robust demand.

There was a noteworthy increase in new listings, with single-family homes seeing a 26% increase and attached homes a 24% increase. Despite these new listings, the average price for single-family homes decreased only by 1% from the previous year to $3.1M, while the average price for attached homes rose by 5% to $1.15M. The single-family homes within the $2.5 - 2.7M price range were especially active, where the sales ratio was 55%. Most properties sold close to their asking price, achieving almost 98% of the listed price. The most extensively renovated homes in the most sought-after locations attracted the greatest interest from buyers.

Key trends:

  • MOI (months-of-inventory) decreased to 4.6 from 8.6 at the end of the previous year, indicating a Seller's market (number of homes available divided by the number of homes sold)

  • SNLR (sales-to-new listings ratio) increased to 21% from 12% at the end of the previous year, also indicating tightening of the market and a shift to a Seller's market. (Sales Ratio defines market speed and market type: Buyer's < 12%; Balanced >= 12 to < 21%; Seller's >= 21%)

  • SP/LP (sales price/list price ratio). Most properties sold close to their asking price, achieving 98% of the listed price (SP/LP ratio compares the value of the sold price to the value of the list price)

  • Sales: Sales of single-family homes reduced by 8%, while attached homes sales increased by 11% compared to the same month in 2023.

  • Listings: There was a significant 26% increase in listings for single-family homes and 24% increase for attached homes.

  • Prices for single-family homes experienced a slight dip of 1% from last February, while attached homes prices rose by 5%.

A closer look:

Single-family Homes (Luxury benchmark price $2.5M):

Moved to a Seller’s market. The average price is slightly down by 1% to $3.10M, with sales down 8% from last year, but these homes are being sold 3 days faster than last year - in about 8 days. The most active price range is between $2.5 - 2.7M, where the sales ratio is 55%. They are selling for very close to their asking price, reaching 97.77% of the listed price. The most in-demand properties are the homes with 4 bedrooms and 5 bathrooms, for an approximate $3M price.

Attached Homes (Luxury benchmark price $915K):

Also, in a Seller's market. The average price has increased by 5% to $1.15M. Sales have increased by 11% compared to last year. The average time on the market remained the same as last year - 16 days. The most active price range is between $1.2 - $1.3M, where the sales ratio is 38%. These homes also sell very close to their asking price, achieving 97.97% of the listed price. The most in-demand homes have 3 bedrooms and 3 bathrooms for an approximate $1.176M price.

Trends in Property Types and Amenities:

  • Branded Residences: The demand for hotel-style amenities in private residences is returning, with buyers willing to invest in luxury experiences and white-glove services.

  • Multi-Generational and Efficient Living Spaces: There's a noticeable trend towards homes that accommodate extended families with thoughtful designs, as well as a lean towards smaller, more efficient living spaces that prioritize health and wellness.

  • Sustainability and Smart Home Features: Sustainability efforts and smart technology have become essential. Beyond traditional amenities such as gyms, yoga studios, and spas, luxury homes now feature comprehensive automation systems. These systems manage not only entertainment and security but also control lighting, temperature, air quality, and water conservation. Many properties have undergone significant renovations to integrate these advanced features.

  • Privacy and security also remain highly important. There has been a notable increase in installation of advanced security systems. As well as demand for properties that offer privacy and seclusion. This trend reflects a widespread preference for secure and discreet living environments.

In the luxury real estate market, the most significant demands typically include luxury lifestyle amenities, exclusivity, and investment potential. However, it's important to acknowledge that these preferences can vary greatly based on regional tastes and the specific dynamics of the market.

Have more questions about the luxury housing market in Toronto, we're here to help.

Feel free to book a call at 416.504.61.33 or reach out via email

March 26, 2024

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