{"id":35705,"date":"2025-03-05T11:53:41","date_gmt":"2025-03-05T16:53:41","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=35705"},"modified":"2025-03-12T10:15:39","modified_gmt":"2025-03-12T14:15:39","slug":"trreb-february-2025","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/trreb-february-2025\/","title":{"rendered":"GTA Buyers in the Driver\u2019s Seat as February Listings Hold Strong: TRREB"},"content":{"rendered":"\n

February continued to favor home buyers in the Greater Toronto Area (GTA) market, with high inventory levels providing substantial negotiating power. While sales declined compared to last year, buyers had more choice and room to negotiate prices in a market still adjusting to elevated borrowing costs.<\/p>\n\n\n\n

Buyers Hold Off as Mortgage Rate Cuts Loom<\/h3>\n\n\n\n

\u201cMany households in the GTA are eager to purchase a home, but current mortgage rates make it difficult for the average household income to comfortably cover monthly payments on a typical property. Fortunately, we anticipate a decline in borrowing costs in the coming months, which should improve affordability,\u201d said TRREB President Elechia Barry-Sproule.<\/p>\n\n\n\n

With economic uncertainty compounding affordability concerns, some buyers are taking a wait-and-see approach. Trade relations with the United States remain a concern, leading to hesitation among potential homebuyers. If these uncertainties ease and borrowing costs trend lower, confidence could rebound, driving stronger sales activity later in the year.<\/p>\n\n\n\n

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Detached Homes Dominate as Condo Market Adjusts<\/h3>\n\n\n\n

Within all TRREB areas, detached homes remained the dominant property type, accounting for 42.3% of all sales, with 1,706 transactions at an average price of $1,445,879. However, this segment experienced the steepest year-over-year decline, with sales dropping 31.1% across the GTA. Condo apartments comprised 30.3% of total sales, with 1,225 units sold at an average price of $688,055. Although condo sales throughout the TRREB area declined 22% year-over-year, prices remained relatively stable, dipping just 1.3%.<\/p>\n\n\n\n

Looking at Toronto<\/a> specifically, 1,540 homes were sold in February at an average price of $1,087,077, with properties spending an average of 30 days on the market. Central Toronto saw the highest sales activity, recording 775 transactions at an average price of $1,155,470 alongside 2,574 new listings, indicating strong seller participation. <\/p>\n\n\n\n