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 Wednesday 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 TRREB president Elechia Barry-Sproule in a press release.

 

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