A total of 4,037 homes were sold through the Toronto Regional Real Estate Board’s (TRREB) MLS System in February, a 27.4% year-over year decline.
TRREB reported the drop in home sales occurred despite a 5.4% year-over-year increase in new listings within the MLS System to 12,066 units by the end of February. TRREB President Elechia Barry-Sproule observed that “current mortgage rates make it difficult for the average household to comfortably afford monthly payments on a typical property. Fortunately, we anticipate a decline in borrowing costs in the coming months, which should improve affordability.”
In regard to housing affordability, the MLS Home Price Index Composite benchmark was down by 1.8% from February 2024 while the average selling price at $1.08 million was down by 2.2% over the same period.
“With the Ontario provincial election just behind us and the federal political situation in flux, there is a lot to consider from a policy perspective when it comes to housing,” said TRREB CEO John DiMichele. “Not only do policymakers and those vying for high public office need to make clear their direction on housing supply and affordability, but they also need to be clear on how they intend to tackle issues related to trade and the economy. Clear direction will go a long way to strengthen consumer confidence.”
