Toronto Homes. Image credit: Facebook page
Toronto/CMEDIA: Greater Toronto Area home prices fell from last February by almost 18 percent as the sales of properties was halved, the Toronto Regional Real Estate Board (TRREB) said Friday.
The average selling price for February totalled $1,095,617, roughly five percent higher than the average January price of $1,038,39, TRREB said Friday.
The swings to higher borrowing costs was prompted by a quick succession of interest rate hikes pushing some buyers to purchase a lower-priced home.
New listings also lag figures from a year ago, amounting to 8,367 in February. That number is down 41 per cent from a year earlier, but TRREB sees changes coming.
“This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers,” Jason Mercer, TRREB’s chief market analyst said in a news release.
“This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs.”
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