Home prices across the Greater Toronto Area fell 17.9% last month compared with a year earlier, while sales and new listings dropped even more.

The Toronto Regional Real Estate Board says the average place in February sold for $1,095,617 compared with $1,334,062 in February last year.

However, the average selling price last month was roughly 5% higher than January’s $1,038,390.

TRREB attributes the swing in prices to higher borrowing costs, that have pushed some to purchase a lower-priced home.

The share of homes bought for less than $1-million is 57%, compared with 38% one year ago.

Home sales last month were down 47% and new listings fell 41%, both from the same period in 2022.