Greater Toronto Area home prices fell almost 18 per cent from last February as the number of properties sold was halved, the region’s real estate board said.
The Toronto Regional Real Estate Board (TRREB) said Friday that the average selling price for February totalled $1,095,617, roughly five per cent higher than the average January price of $1,038,390.
It attributed the swings to higher borrowing costs prompted by a quick succession of interest rate hikes, which have weighed on the market and offset the dramatic drop in prices that has materialized in recent months.
Even as prices have come down from pandemic highs, buyers have sat on the market’s sidelines awaiting further decreases and more supply, which has been lacking as prospective sellers lament the pricing slump….