Greater Toronto home sales down as mortgage costs, trade war weigh on buyers: board [Video]

Home sales in the Greater Toronto Area fell by more than one-quarter in February compared with a year ago despite buyers maintaining “substantial” negotiating power.

The Toronto Regional Real Estate Board said Wednesday that 4,037 homes were sold last month, down 27.4 per cent compared with 5,562 in February 2024.

Sales were down 28.5 per cent from January on a seasonally adjusted basis.

“Many households in the GTA are eager to purchase a home, but current mortgage rates make it difficult for the average household to comfortably afford monthly payments on a typical property,” said TRREB president Elechia Barry-Sproule in a press release.

The average selling price declined 2.2 per cent compared with a year earlier to $1,084,547, as the composite benchmark price, meant to represent the typical home, was down 1.8 per cent year-over-year.

Meanwhile, 12,066 properties were newly listed in the GTA last month, up 5.4 per cent …