Toronto’s housing market posted its biggest monthly sales decline in a year last month, though resale home prices rose 1.6 per cent year over year in February to an average of $780,397 across all home types.
Sales fell 7.7 per cent on a seasonally adjusted basis to 6,212, the largest decline since February 2018, the TREB reported Tuesday.
TREB reported 9,828 new listings in February, about 6.5 per cent fewer than the same month last year. The fact new listings fell more than sales suggests conditions became tighter over the past year, supporting price growth, the board said. Average home prices rose 1.6 per cent from a year earlier to $780,397.
The most growth occurred in condos and semi-detached homes. The price of a semi rose 7.5 per cent to a regional average of $794,978. In the city of Toronto, semis averaged about $1 million.
Condos also performed well with a 6.9 per cent year over year price increase to $555,986 regional average.
But the number of detached home sales in the city dropped 9.4 per cent compared to a 5.2 per cent sales increase in the surrounding 905-area communities. But prices for a detached house fell 2.4 per cent regionwide to an average of $963,618. The average Toronto detached house sold for about $1.2 million, down 3.3 per cent year over year. But, Average home prices rose 1.6 per cent from a year earlier to $780,397.
Market conditions in February, as represented by the relationship between sales and listings, continued to support moderate year-over-year price increases, regardless of the price measure considered.
Realosophy broker said that if the federal government extends amortization periods from 25 to 30 years in this month’s budget there will be more first-time buyers in the market, something that could push up prices in the popular starter price point of about $700,000. That’s the hot segment of the market. Once homes transcend the $1-million range, they are price prohibitive, he said.
With vacancy rates in the 1 per cent range in the Toronto region, TREB reported that rent on apartments on its Multiple Listing Service jumped 8.1 per cent to an average $2,145 for a one-bedroom. Two-bedrooms have climbed 7.4 per cent this year to date to an average of $2,810.
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