Toronto detached real estate buyers still haven’t warmed up to (slightly) lower prices. Toronto Real Estate Board (TREB) numbers show price growth continued to decelerate in February. The deceleration was the result of recession levels of sales, and a multi-year high. Prices are close to the same point as last year, with a deteriorating ratio of buyers to inventory.

Toronto Detached Real Estate Prices Are Down Over 10% From Peak

The price of a typical detached home in Toronto is off by less than a point from last year. TREB’s typical detached home hit $907,200 in February, down 0.57% from the same month last year. The City of Toronto benchmark reached $1,096,100, up 0.56% from last year. Greater Toronto detached home prices haven’t done a whole lot compared to last year. Actually, they’re around the same price they were two years ago.

Toronto Detached Benchmark Price

The price of a typical detached home across the Toronto Real Estate Board, in Canadian dollars.

Source: TREB, Better Dwelling.

The annual pace of price growth continues to decelerate. Detached homes in both TREB and the City of Toronto are seeing declines in growth from the month before. Detached homes across TREB are down 13.55% from the peak hit in May. The City of Toronto is down 10.77% from the peak hit in the same month.

Toronto Detached Benchmark Percent Change

The 12 month percent change of a typical detached home across the Toronto Real Estate Board.

Source: TREB, Better Dwelling.

The median sale price of a detached home was a little more mixed. TREB reported a median sale price of $842,500 in February, up 0.17% from last year. The City of Toronto median sale price reached $1,040,000, up 3.94% from last year. Lower median sale prices in the suburbs dragged the region lower.

Toronto Detached Average Sale Price

The average sale price of a detached house in the Toronto Real Estate Board.

Source: TREB, Better Dwelling.

The average sale price of detached homes across Greater Toronto experience low growth at best. TREB had an average sale price of $980,914 in February, down 2.1% from the same month last year. The City of Toronto average detached sale price reached $1,294,936, up 0.8% from last year. The average sale price isn’t great for determining how much a home costs. Instead it’s a better indicator of the direction of money.

Toronto Detached Average Sale Price Change

The 12 month percent change of average sale price across across TREB.

Source: TREB, Better Dwelling.

Toronto Detached Real Estate Sales Are Flat, Falling In The 905

Toronto detached real estate sales are showing weak performance. TREB reported 2,171 sales in February, up 0.09% from last year – 2 sales more than last year. The City of Toronto represented 470 of those sales, down 9.6% from last year. Last year represented the fewest sales since 2009, which is far from a sales recovery.

Toronto Detached Sales Vs. New Listings

The total number of detached sales, compared to the number of new detached listings per month.

Source: TREB, Better Dwelling.

Detached Inventory Hits A Multi-Year High

The number of new listings for detached homes across Greater Toronto fell. TREB reported 5,053 new listings in February, down 9.05% from last year. The City of Toronto represented 1,038 of those listings, down 8.46% from last year. Fewer new listings had little impact on total inventory, as much of it stagnated.

The total number of detached homes listed for sale are near at a multi-year high for the month. TREB reported 7,931 active listings in February, up 1% from last year. The City of Toronto represented 1,500 of those listings, up 3.23% from last year. The number of active listings for detached homes is the highest for February going back to as least 2012.

Toronto Active Detached Listings

The total number of detached listings available.

Source: TREB, Better Dwelling.

The Greater Toronto detached real estate market is much cooler than it’s been over the past few years. Prices are stagnating, and sales are at recession level lows. Meanwhile, inventory is building to highs we haven’t seen in more than half a decade.

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