The Greater Toronto Area resale market tightened in February. While home sales were slightly down compared to last year, new listings fell much faster, reducing overall supply. Many buyers remain on the sidelines waiting for prices to stabilize and for more certainty in the broader economy. Industry estimates suggest that over 100,000 potential buyers are currently holding off.
If listing activity continues to slow as we move into the spring market, competition among buyers could increase, which would help support prices and potentially lead to stronger sales later in the year.
For context:
3,868 homes sold in February, down 6.3% year-over-year
10,705 new listings, down 17.7% year-over-year
Average price: $1,008,968 (down 7.1% from last year)
In short, demand hasn’t disappeared—it’s waiting. When confidence returns, we could see stronger momentum in the second half of the year.
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