Toronto Real Estate Prices Just Made The Biggest Jump Since Rates Began Climbing
TRREB data shows home prices didn’t just climb in February, but made a 5-digit jump. Prospective buyers with their buyer-feet ice cold in the snow, stood puzzling and puzzling—asking, how can it be so?
There’s a Canadian real estate correction? Apparently no one told Toronto. TRREB data shows home prices didn’t just climb in February, but made a 5-digit jump. Prospective buyers with their buyer-feet ice cold in the snow, stood puzzling and puzzling—asking, how can it be so? It came without rate cuts. It came without speculators. it came without cheap credit, stimulus, or foreign buyers… Sorry, but happy Dr. Seuss month! Now let’s talk numbers.
Greater Toronto real estate prices are once again climbing, and wasting no time. The TRREB benchmark home rose 1.1% (+$12,400) to $1,091,300 in February. A typical home is still down 17.7% (-$234,700) compared to the same month last year.
No, that wasn’t a typo!
Monthly price growth suddenly changed course, with prices rising 5-digits. It was the first increase since rate hikes began in March 2022, and the largest since a month prior. A single month increase of this size is unusual during any period. But it’s especially difficult to grasp when the narrative is that buyers need more leverage.
