Greater Toronto Area Report February 2019, Steve Moran, Remax
Home sales fell by 2.4 per cent in the Greater Toronto Area compared with the same month last year. The drop is especially notable because sales were tumbling last February after the introduction of a new mortgage stress test rule on January 1, 2018.
The weakness last month came on the heels of almost flat sales in January and raises questions about whether Toronto's market will have the sales rebound that some had anticipated for 2019.
Despite sales being down year-over-year, new listings actually declined by a greater annual rate which suggests that market conditions became tighter compared to last year. Tighter market conditions continued to support year-over-year average price growth.
The average sale price for all types of homes in the Greater Toronto Area rose 1.6 per cent year-over-year in February to an average of $780,397. Price growth was driven by the condominium and semi-detached home segments.
Looking forward, temperatures need to rise for the market to shake off the February blahs. When this happens sellers and buyers will return.
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.
