Toronto's housing market just saw its biggest monthly sales decline in a year, and prices are still going up.
The Toronto Real Estate Board (TREB) just released a report stating the average selling price for a home went up to $780,397 in February, up from $767,801 at the same time the year before.
That's a 1.6 per cent year-over-year increase, and compared to last month's average home price of $748,328, the jump seems even more extreme.
In comparison, home sales fell by 2.4 per cent from the previous year; February stats show 5,025 homes were sold in the GTA.
Considering 2018 was one of the worst years for home sales in a decade, Toronto's realtor board is now on damage control, and is calling for a review of mortgage rules that might be deterring people from buying homes.
"With sales substantially lower than the 2016 record peak over the last two years, we have experienced a hit to the economy in the billions of dollars, in the GTA alone," said Jason Mercer, TREB's Director of Market Analysis and Service Channels.
Not only are less people buying, fewer homeowners are selling as well. New listings saw a 6.2 per cent decrease in February from last year, with only 9,828 new listings up for sale.
Home buyers looking to save some money might want to re-evaluate where they're trying to move: some neighbourhoods are definitely more affordable than others.
by Tanya Mok via blogTO
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