February home sales in GTA down from a year ago

Home sales in the Greater Toronto Area in February fell compared with a year ago, while the average selling price ticked higher.

The Toronto Real Estate Board says there were 5,025 homes sold in the region last month, down from 5,148 in the same month last year.

The average selling price was $780,397, up from $767,801.

The 2.4 per cent drop in the number of homes sold in the region came as the number of new listings fell 6.2 per cent.

New listings in February totalled 9,828, down from 10,473 a year earlier.

The board says the decline suggests that market conditions became tighter compared with last year.