Home sales in the Greater Toronto Area fell last month, along with new listings and average selling prices, as the city’s real estate board believes potential buyers are waiting for the market to bottom out before making a move.

The Toronto Regional Real Estate Board says 3,868 homes changed hands in February, down 6.3 per cent from the same month last year, as sales also declined one per cent on a seasonally adjusted basis from January.

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The average selling price was down 7.1 per cent from February 2025 to $1,008,968, and the composite benchmark price, meant to represent the typical home, was down 7.9 per cent year-over-year

TRREB president Daniel Steinfeld says that if new listings continue to trend lower through the spring, competition between homebuyers will increase, which could in turn lead to higher home prices and an upswing in sales.

There were 10,705 new listings on the market in February, down 17.7 per cent from last year.

Inventory decreased 2.4 per cent as there were 19,414 total active listings in the Greater Toronto Area.