Home sales across the Greater Toronto Area (GTA) declined 6% in February as buyers remained on the sidelines and new listings and average selling prices each slumped.
The Toronto Regional Real Estate Board (TRREB) said that 3,868 homes were sold during February, a 6.3% decline from a year earlier.
The average selling price across the GTA was down 7.1% to $1 million year-over-year.
TRREB added that there were 10,705 new listings on the market in Greater Toronto during February, down 17.7% from last year.
The inventory of new homes for sale decreased 2.4% and there were 19,414 active listings in the Greater Toronto Area last month.
Toronto, which is Canada’s biggest housing market, has borne the brunt of the real estate downturn as elevated interest rates and a soft economy take their toll.
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