Toronto Real Estate Board (TREB) President Gurcharan (Garry) Bhaura announced that Greater Toronto Area REALTORS® reported 5,025 homes sold through TREB’s MLS® System in February 2019. This sales total was down by 2.4 percent on a year-over-year basis. Sales were also down compared to January 2019. This sales total was down by 2.4 percent. Sales were also down compared to January 2019.
Both the MLS® Home Price Index Composite Benchmark and the average selling price were up modestly February 2019. The MLS® HPI Composite Benchmark was up by 2.4 percent.
The average selling price for all home types combined was up by 1.6 percent over the same period. Price growth was driven by the condominium apartment segment and higher density low-rise home types.
“The government mandated mortgage stress test has accomplished its goal. The market has slowed, but not stopped. Although we have seen slight drops in the number of sales year over year, we have seen gains in sales prices. The slower activity can also be attributed to the weather we had in February. With warmer weather on the horizon, we will start to see more sellers listing their homes and more buyers entering the marketplace.” — Sean Kavanagh
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