In February 2023, Greater Toronto Area (GTA) real estate sales plummeted by 47% compared to February 2022, largely due to decreased inventory and rising interest rates, while the average home price decreased to $1,095,617. The decline in sales has prompted discussions about the need for innovative housing policies to address supply shortages amid increased buying intentions. Market analysts expect that limited listings will create heightened competition among buyers, potentially leading to renewed price growth, particularly for affordable housing options.