TRREB released February numbers this week. I'll keep this short.
The GTA average home price came in at $1,008,968 - back above the million mark, but still down 7.1% from last year. Sales were down 6.3%, which is actually an improvement from January's 20% drop. New listings also fell 17.7%, so fewer homes are coming to market right now.
Condos remain the toughest segment - sales down 12%, prices down nearly 9%. Detached homes are holding up better, especially in the 905.
The chart that tells the real story
The average price gets the headlines, but the benchmark price (which tracks a "typical" home and adjusts for mix) tells a cleaner story. Here's what it looks like going back to 2021:
The benchmark peaked at $1,279,800 in February 2022. Today it sits at $938,800. That means home values are now below where they were five years ago - before the pandemic run even started (March 2021: $994,100). The entire pandemic-era price increase has been given back.
Whether you're a buyer looking at today's prices or a homeowner wondering where your equity stands - this chart puts it in perspective.
On mortgage arrears
There's been a lot of talk about Canadians falling behind on mortgage payments. Here's the actual data from Equifax and CMHC:
Ontario's arrears rate has ticked up slightly, but it's still well below where it was in 2014-2016 - and it's the lowest of any major province. People are managing. That's a good sign for the overall health of this market.
The bottom line
Prices have fully corrected from the pandemic highs and the market is finding its footing. For buyers, you're not buying into an inflated market. For sellers and landlords, pricing realistically and having a clear strategy matters more than ever.
As always - whether it's a purchase, a sale, a lease, or a mortgage question - I'm here.
