Robust Sales and Price in February
Greater Toronto Realtors reported 6,388 residential sales through the Toronto MLS system in February 2015. The number of transactions in February represented an 11.3% increase compared to 5,696 transactions reported in February 2014.
The number of new listings reported in February were down by 2.8% compared to the same period in 2014. Active listings were 12,793 in February-down 8.7% from February 2014.
“Even with the record low temperatures last month , we still saw an increase in the number of people purchasing homes in the GTA. This speaks to the importance households place on home ownership and the fact that buyers continue to view ownership housing as a quality long-term investment in which they can live ,” said Toronto Real Estate Board President Paul Etherington.
The average selling price continued to grow on a year-over-year basis in calendar year 2014 with an 8.4% increase over calendar year 2013 to $566,726.
The average price in February was up by 7.8% from the same time last year to $596,163.
“The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 12.4% from February 2014. The average selling price of a Toronto condo decreased by 0.9% from the same time last year to $369,355.
Condominium apartments accounted for 25.8% of total sales in the GTA for February 2015 while detached homes accounted for 48.0% of the total sales.
Other notable statistics include the average days on the market for February at 24 days, down 7.7%. The sales-to-listings ratio for February was 49.5% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
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