The Greater Toronto Area experienced a decline in home sales, sale prices, and new listings during the past month, as buyers continue to wait for the market to stabilize before making purchasing decisions.
According to the Toronto Regional Real Estate Board, a total of 3,868 home sales were recorded in February, marking a 6.3% decrease compared to the same period last year and a 1% drop from January on a seasonally adjusted basis.
The average selling price fell to $1,008,968, representing a 7.1% decline compared to February 2025. Additionally, the benchmark price for a typical home dropped by 7.9% year-over-year.
TRREB President Daniel Steinfield noted that many buyers are waiting for prices to stabilize before entering the market. At the same time, 10,705 new properties were listed for sale in February, reflecting a 17.7% decrease compared to last year, while the overall housing inventory declined by 2.4%.
Steinfield warned that a continued drop in new listings could intensify competition among buyers and potentially push prices higher in the future. Meanwhile, Jason Mercer, the board’s Chief Information Officer, explained that pent-up demand could drive sales higher in the second half of the year, particularly if economic indicators continue to improve.
Within the City of Toronto, home sales reached 1,491 units in February, representing a 5.3% decline compared to 2025. In the rest of the Greater Toronto Area, sales fell 6.9%, totaling 2,377 homes.
All property types recorded declines in sales. The condominium market saw the largest drop at 12%, followed by semi-detached homes at 9.2%, detached houses at 3.9%, and townhouses at 2.4%.
