Toronto home prices inch up as buyers adapt to mortgage rate landscape

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Millicent Wong
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Home sales increased 18% compared to last year

Published on March 5, 2024 • Last updated 2 hours ago • 1 minute read

Home sales in the Toronto region rose 17.9 per cent year-over-year in February, while benchmark home prices rose slightly.Home sales in the Toronto region rose 17.9 per cent year-over-year in February, while benchmark home prices rose slightly. Photo by Tyler Anderson/National Post

Home sales in the Toronto region rose 17.9 per cent year-over-year in February, while prices for benchmark homes rose slightly, according to monthly figures from the Toronto Regional Real Estate Board.

Real estate agency data released on Tuesday showed the benchmark home price rose just 0.44 percent year-on-year to $1,093,900.

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A total of 5,607 properties changed hands during the month, while new registrations increased by 33.5 percent.

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Toronto benchmark house price chart

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TRREB President Jennifer Pearce said buyers are adapting to the mortgage rate landscape.

“We have recently seen a resurgence in sales activity compared to last year…Consumers are now anticipating interest rate cuts in the near future. “A growing number of homebuyers have also come to terms with increased mortgage rates over the past two years,” Pearce said.

“To minimize higher monthly payments, some buyers likely saved a larger down payment, opted to purchase a less expensive home type, and/or looked for another location in the GTA.”

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TRREB Sales and Listing Chart

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