Toronto-area new home sales rose 16% in February to 531 units but remain 76% below the 10-year average of 2,250. Despite the slow market, sales are expected to increase due to reduced provincial sales tax, high inventory, and lower prices. Inventory stood at 20,291 units, including 14,291 condos and 6,000 single-family homes. Condo sales dropped 2% from January, with a benchmark price of $1,022,063.
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