In comparison to February 2017, the result of this February's transactions number was down by 39.4 per cent. 5,175 residential transactions were reported by Greater Toronto Area REALTORS®.
With 7,955 sales reported in February 2017, February 2018 results cannot be called a great success. Regarding the number of new listings, its level remained below the average for the month of February for the previous 10 years. However, there was a 7.3 per cent increase compared to the 9,801 new listings entered in February 2017.
Toronto Real Estate Board President Tim Syrianos says about the situation:
When TREB released its Outlook for 2018, the forecast anticipated a slow start to the yearcompared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs.
The growth of The MLS® Home Price Index Composite Benchmark was driven by the apartment and townhouse market segments. Single-family detached and attached benchmark prices were down slightly compared to February 2017. The average selling price for 2018 as a whole is $767,818. It is important to note the fact that February average price remained 12 per cent higher than the average reported for February 2016, which represents an annualized increase well above the rate of inflation for the past two years. Jason Mercer, TREB's Director of Market Analysis points out:
"As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability."