Toronto Home Prices Increase for First Time in Seven Months
- Sales fell in February and new listings were relatively flat
- Lower rates later in 2024 will stoke demand, economist says
Homes in Toronto.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
Toronto home prices rose for the first time in seven months as buyers and sellers navigated a shifting market ahead of a traditionally busy time of year.
The benchmark price of a home in Canada’s largest city climbed 0.2% to C$1.09 million ($803,000) in February from a month earlier, the first monthly increase since July, according to a report released Tuesday by the Toronto Regional Real Estate Board. But transactions fell after climbing for the past two months and new listings were relatively flat, the seasonally adjusted data show.