February 2018 - prices down 12%

GTA REALTORS® Release February Stats

March 6, 2018 --This February 2018. Listing were down 34.9 percent compared to the record 7,955 sales reported in February 2017.

GTA-PRICE DECLINES

The number of new listings entered into TREB's MLS® System were 10,520, a 7.3 per cent increase compared to the 9,801 new listings entered in February 2017. However, the level of new listings remained below the average for the month of February for the previous 10 years.

The provincial governments, Fair Housing Plan, and the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs, have negatively influenced the market downward 

The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a year-over-year basis for the TREB market area as a whole. This growth was driven by the apartment and townhouse market segments, with annual benchmark price increases of 18.8 per cent and 7.5 per cent respectively. Single-family detached and attached benchmark prices were down slightly compared to February 2017. The overall average selling price for February sales was down 12.4% year-over-year to $767,818. 

 Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. 

First time buyers looking for affordable* districts should look in the following MLS area's E11 and W10 .

 2018 -25 DAYS ON MARKET, 2017- DAYS ON MARKET WAS-13

 2017- NUMBER OF SOLDS- 7,955 , 2018 - 5,175 - DOWN -34%