Elevated sales and low inventory kept prices firm, with an average MLS price of $1.045 million, up 15 per cent year over year.
Adding to this pressure will be a decline in households looking to move further to suburban markets and smaller urban areas as more workplaces require employees to return to the office more frequently.
Year over year, sales were up a scant 0.2 per cent compared with 0.9 per cent in January, reflecting a flat sales environment for nearly all of 2021 and strong growth in 2020 as spending rotated toward services, tourism and event spending.