Toronto, Vancouver home sales rise in February

March 8, 2023



Housing sales in Canada’s two bellwether markets increased month-over-month in February perhaps signalling a market recovery could be coming sooner than expected—especially in the western market.
In the Greater Toronto Area, total sales in February were up 8.5 per cent compared to January 2023—the largest monthly sales increase since August 2022, according to the Toronto Regional Real Estate Board (TRREB).
The average composite home price, however, was down 0.7 per cent from January to $1,057,00
In Greater Vancouver, February housing sales soared nearly 77 per cent compared to January 2023. The sales recovery from record lows in January was also seen in Greater Victoria.
The Real Estate Board of Greater Vancouver (REBGV) reports residential home sales in the region totalled 1,808 in February 2023—up  76.9 per cent from the 1,022 homes sold in January.
The composite benchmark price for all residential properties in Greater Vancouver is currently $1,123,400—up 1.1 per cent compared to January 2023.
The benchmark price for detached properties is $1,813,100. This represents 0.7 per cent increase compared to January 2023, REBGV reports.
In Greater Victoria, housing sales in February jumped 65 per cent, month over month to 460 transactions, with sales of detached houses up a stunning 83 per cent compared to January 2023, to 220 transactions, according to the Victoria Real Estate Board.