Toronto Real Estate Sales Surge 39%, Prices Fall Further W/ Robust Supply

Greater Toronto real estate saw a boost in existing home sales in January, outpacing new inventory and firming the market. However, the growth did not translate into a balanced market and was unable to prevent home prices from falling further. The benchmark for home prices in the region slipped 0.1% to $1,065,800, with the City of Toronto experiencing most of the downward pressure. Despite the surge in sales, the market remains considered balanced, with uncertainty about whether the momentum will continue into the Spring.