Toronto home prices surged in February, and sales jumped from a 10-year low, as buyers stampeded back into the market.
The number of transactions jumped 46 per cent from February 2019, which was a 10-year sales low as the market struggled with tougher mortgage rules and higher interest rates. The opposite is happening this year, with mortgage rates declining as bond yields drop amid the coronavirus and the Bank of Canada expected to cut interest rates on Wednesday.“Sales growth will be strong this year,” board President Michael Collins said in a statement.
New listings rose 7.9 per cent to 10,613 in February from a year ago, not enough to meet demand meaning market conditions tightened considerably over the past year, TRREB said.
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