In February, the GTA housing market saw robust activity, with total home sales reaching 5,607, marking a 33% increase from the previous month and a 17% rise from last year. Average home prices surged to $1,108,720, an 8% month-over-month increase, the largest since February 2022. Sellers responded to increased demand by listing 11,102 properties, promising improved inventory levels. TRREB President Jennifer Pearce attributes the sales surge to the belief that the Bank of Canada has concluded its rate hikes, but potential interest rate cuts could challenge affordability. Royal LePage's study emphasizes the importance of real estate professionals in navigating changing market dynamics. For specific area statistics, feel free to inquire.
