February sales were down from the pre-rate hike levels of early 2022 in addition to the number of new listings also dropping year-over-year.  The average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.

4,783 sales were reported through TRREB’s MLS® System, down 47% compared to February 2022, the last full month before the onset of interest rate hikes. The number of new listings entered into the system was down by a similar annual rate of 40.9% to 8,367. The average selling price was $1,095,617 – down 17.9% compared to February 2022. 

Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57% in February 2023 versus only 38% a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. 

The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7%, but was also up on a monthly basis. 

Sam Chaim⁠ - Your Point Man in Real Estate
Making A Difference For You
Re/Max Realtron⁠
416-543-7252⁠
sam@samchaim.com⁠

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