February's disappointing sales numbers may represent the start of a trend and not just a hiccup, with Toronto suffering a 11 per cent drop in sales for the first half of March.
"With sales down and listings up slightly, the GTA market was better supplied in the first half of March compared to last year," said Toronto Real Estate Board President Ann Hannah, in releasing the data. "This fact notwithstanding, there has been enough competition between buyers to promote moderate to strong upward pressure on average selling prices for most home types on an annual basis."
That price growth -- up almost 6 per cent year-over-year -- is the bright side of an 11.5 per cent drop in sales for the first two weeks in March compared to the same time in 2012.
As Hannah points out, the number of new listings was up by less than 2 per cent. Average prices were up for all major home type categories.
The results follow on the heels of CREA's February report pointing to national sales down 12 per cent from the same month last year.
Still, the Toronto slump bodes well for condo prices.
"The average price for condominium apartments in the City of Toronto was up over last year," said Hannah. "If this price growth continues, it may indicate that conditions are tightening slightly in this segment."
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate