Home prices inched higher in Canada's largest real estate market last month even as sales activity cooled.
The average selling price across the Greater Toronto Area rose 1.6 per cent year-over-year in February to $780,397, according to data released by the Toronto Real Estate Board on Tuesday. The price appreciation was even greater when compared to January's average price of $748,328.
TREB said in a release that Toronto’s housing market became tighter in February because new listings fell more sharply (6.2 per cent) than the slowdown in sales. Just over 5,000 homes in the region traded hands in February, marking a 2.4 per cent decline from a year earlier.
If you own a condo in Toronto, you have reason to celebrate, as the value of your home continues to go up. The Toronto Real Estate Board says the average condo sold in the city last month went for $612,488.
That's an increase of 7.4 percent, or more than 40 thousand since February 2018.
Semi-detached prices were up 10.5 percent to just over $1 million.
The average price for a detached home in the city was $1.29 million last month. It marks a slight increase of 0.8 percent, or about $12,000 year-over-year.
“The [Office of the Superintendent of Financial Institutions] mandated mortgage stress test has left some buyers on the sidelines who have struggled to qualify for the type of home they want to buy. The stress test should be reviewed and consideration should be given to bringing back 30-year amortizations for federally insured mortgages," said TREB President Garry Bhaura in a release.