March 4, 2020 / 10:00 AM / a month ago

TABLE -Toronto home prices jump by most in nearly three years, sales surge

    March 4 (Reuters) - Toronto home prices surged in February by the most in
almost three years to a near-record and sales soared, thanks to an unabated
housing supply crunch and intensified buyer competition, Toronto Real Estate
Board data showed on Wednesday.
    The average home price in Canada's most-populous city climbed to C$910,290
($680,387) in February, the Board said in a statement, following the biggest
year-on-year increase seen since April 2017, when prices touched a record
C$920,791. Meanwhile, home sales climbed 45.6% from a year ago, the biggest rise
in at least seven years, while listings increased at a much slower pace. 
    "Sales growth well in excess of listings is once again the norm," said TREB
CEO John DiMichele in a release. 
    "All levels of government have acknowledged the supply problem, but we need
to very quickly move from policy briefs to shovels in the ground," he added.
    The Canadian government said last month it would make changes to a mortgage
stress test that is expected to lower the minimum qualifying rate for borrowers
and further stimulate housing demand.
    
                 FEBRUARY     PREV MONTH     FEB 2019    YR/YR PCT CHANGE
 TOTAL SALES    7,256        4,581         4,982         45.6%
                                                         
 AVERAGE PRICE  C$910,290    C$839,363     C$779,791     16.7%
 NEW LISTINGS   10,613       7,836         9,834         7.9%
 After preliminary seasonal adjustment
                 FEBRUARY     MTH/MTH PCT CHANGE
 SALES          8,914       14.8%
 AVERAGE PRICE  C$902,673   3.1%
 Sales by type of property
                          MONTH        YR/YR PCT CHANGE
 DETACHED           5,545              44.8%
 SEMI-DETACHED      995                26.8%
 TOWNHOUSE          1,921              31.4%
 CONDO APARTMENT    3,239              17.4%
 

($1 = 1.3379 Canadian dollars)

    
 (Reporting by Kelsey Johnson in Ottawa; Additional reporting by Nichola
Saminather in Toronto; Editing by Lisa Shumaker)
  
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