Home prices in the Greater Toronto Area ticked higher in February, offering some relief for homeowners who have watched values plummet over the past year. The average selling price for February was 1.1 million, roughly five percent higher than the average January price. It’s another indicator that prices have flattened after the steep drops of last spring and summer when the Bank of Canada started hiking interest rates in March, 2022, to combat the highest inflation in decades. However, home prices remain down 17.7 percent year-over-year. Of all home types across the region – condos, townhouses, semi-detached and detached – condos have fared the best over the past year, falling an average of 12 percent since last February. The Bank of Canada hinted in January that it would pause the rate hikes in order to assess the economic landscape. Yet recent economic data has suggested the central bank may need to hike again, in large part because unemployment has remained incredibly low. There is now speculation the central bank could raise rates by another 0.25 percentage points in the first half of the year.