Toronto Regional Real Estate Board said home prices fell almost 18% from last February as the number of properties sold was halved. Read more
The trend has pushed some buyers to purchase a lower-priced home.
Overall sales remain far lower than they were a year ago, when the market was soaring, buyers dropped conditions and feisty bidding conditions were the norm. 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,” he said in a news release.
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