One year into the rate hike cycle, the average GTA home price has dropped just shy of 18%, according to new data from TheReal_TRREB. realestate realestatenews GTA housingmarket homeprices interestrates
Home prices in the Greater Toronto Area were down 17.9% in February compared to the same time last year — the final month before the Bank of Canada’s aggressive rate hike cycle began. released on Friday revealed an average selling price of $1,095,617 in February. Some of this decline, TRREB says, is the result of a shift in the number of lower-priced homes that are being purchased.
The biggest price drop was seen in 905-area semi-detached homes, where the average sale price was down 25.9% compared to February of last year. Least affected were Toronto townhouses and condos, with prices falling virtually in step with one another by 11.3% and 11.4%, respectively. . Although all housing types in both Toronto and the 905 region saw month-over-month gains, it was Toronto detached and semi-detached homes that led the charge, with prices rising 15.2% and 11.3%, respectively., but GTA agents say the number of listings isn’t keeping up. The new TRREB data reaffirms this, with February seeing just 8,367 new listings hit the market — a 40.9% annual decline.
Although constrained by the low number of listings, sales surged 54.3% month over month to a grand total of 4,783. This, however, is still down 47% compared to the sales volume seen in February of last year.
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