GTA Home Sales Plummet in February

Canada's largest real-estate governing body says home sales in the Greater Toronto Area fell hard year over year in February, as selling prices dropped more than 12%.

The Toronto Real Estate Board noted 5,175 residential transactions through TREB's MLS system last month, down 34.9% compared to the record 7,955 sales reported in February 2017.

The number of new listings entered into TREB's MLS system in February totaled 10,520, a 7.3% increase compared to the 9,801 new listings entered during the same month last year.

However, the level of new listings remained below average for February for the previous 10 years.

The overall average selling price for February sales was down 12.4% year over year to $767,818, but still 12% higher than the average reported for February 2016.

When TREB released its outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017.