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<\/p>\nTORONTO, ONTARIO, March 5, 2025 \u2013 Home buyers continued to benefit from substantial choice in the Greater Toronto Area (GTA) resale market in February 2025. Home sales last month were down in comparison to the same period last year, while listing inventory remained high, providing substantial negotiating power for homebuyers. “Many households in the GTA are eager to purchase a home, but current mortgage rates make it difficult for the average household income to comfortably cover monthly payments on a typical property. Fortunately, we anticipate a decline in borrowing costs in the coming months, which should improve affordability,” said TRREB President Elechia Barry-Sproule.<\/p>\n
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\u201cOn top of lingering affordability concerns, home buyers have arguably become less confident in the economy. Uncertainty about our trade relationship with the United States has likely prompted some households to take a wait and see attitude towards buying a home. If trade uncertainty is alleviated and borrowing costs continue to trend lower, we could see much stronger home sales activity in the second half of this year,\u201d said TRREB Chief Market Analyst Jason Mercer. GTA REALTORS\u00ae reported 4,037 home sales through TRREB\u2019s MLS\u00ae System in February 2025 \u2013 down by 27.4 per cent compared to February 2024. New listings in the MLS\u00ae System amounted to 12,066 \u2013 up by 5.4 per cent year-over-year. On a seasonally adjusted basis, February sales were down month-over-month compared to January 2025.<\/p>\n
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The MLS\u00ae Home Price Index Composite benchmark was down by 1.8 per cent year-over year in February 2025. The average selling price, at $1,084,547, was down by 2.2 per cent compared to the February 2024. On a month-over-month basis, the MLS\u00ae HPI Composite and the average selling price edged lower after seasonal adjustment. \u201cWith the Ontario provincial election just behind us and the federal political situation in flux, there is a lot to consider from a policy perspective when it comes to housing. Not only do existing policy makers and those vying for high public office need to make clear their direction on housing supply and affordability, but they also need to be clear on how they intend to tackle issues related to trade and the economy. Clear direction will go a long way to strengthen consumer confidence,\u201d said TRREB Chief Executive Officer John DiMichele.<\/p>\n","protected":false},"excerpt":{"rendered":"
TORONTO, ONTARIO, March 5, 2025 \u2013 Home buyers continued to benefit from substantial choice in the Greater Toronto Area (GTA) resale market in February 2025. Home …<\/p>\n","protected":false},"author":2,"featured_media":605,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n