Greater Toronto home sales down

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Home sales in the Greater Toronto Area fell by more than one-quarter in February compared with a year ago despite buyers maintaining “substantial” negotiating power.

The Toronto Regional Real Estate Board said on March 5 that 4,037 homes were sold last month, down 27.4 per cent compared with 5,562 in February 2024.

Sales were down 28.5 per cent from January on a seasonally adjusted basis.

“Many households in the GTA are eager to purchase a home, but current mortgage rates make it difficult for the average household to comfortably afford monthly payments on a typical property,” said the Toronto Regional Real Estate Board  president Elechia Barry-Sproule in a press release.