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Market update: The second-strongest February in history

Author: Staff
Publication date:
March 7, 2022
Article Summary: 

The Toronto real estate market had the second-strongest February in history, with 9,097 sales and an average price of $1,334,544, up 28% from the previous year. Low supply is a major factor in these price increases, as the number of new listings dropped 6.6% year-over-year, resulting in demand outpacing supply. The Bank of Canada's recent decision to raise the overnight rate by 25 basis points may have a cooling effect on the market. Homeowners with a variable rate mortgage or HELOC will be impacted by the change, while those locked into a fixed-rate loan won't be affected until their next renewal date. Potential homebuyers can lock in pre-approval rates for up to 120 days before the rate hike.


Toronto real estate market, February sales, average price, low supply, demand outpacing supply, Bank of Canada, overnight rate, variable rate mortgage, fixed-rate loan, pre-approval rates.

Source Citation: Staff
Market update: The second-strongest February in history
March 7, 2022
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