Greater Toronto Area Report February 2018, Steve Moran, Remax

Average home prices in the Toronto region climbed more than 4 per cent last month as buyers began to absorb the impact of tougher mortgage qualification rules introduced in January.

Detached home prices rose 3.1 per cent across the Greater Toronto Area in February compared to the prior month, averaging $1,000,736, while condo prices climbed 4.4 per cent over January to an average of $529,782.

The region-wide averages are a story of two different markets. Some downtown homes, including the scorching condo sector, continue to sell over the asking price with multiple offers while some outlying markets, notably in York Region, are lagging as sellers struggle to adjust their expectations from last year's now-faded feverish activity.

As we move forward into the spring and summer months, I expect that growth in sales and selling prices will pick up relative to last year. Furthermore, I anticipate that price growth will be stronger in the more affordable townhouse and condominium markets.

Thanks for watching, I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.

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