Record February Sales
Greater Toronto Realtors reported 7,621 residential sales through the Toronto MLS system in February 2016. The number of transactions in February represented a 21.1% increase compared to 6,294 transactions reported in February 2015. Condo apartments in the GTA had the highest sales increase year-over-year.
The number of new listings reported in February was up by 8.2% compared to the same period in 2015. Active listings were 10,902 in February-down 14.8% from February 2015.
“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least 10% down payment on the portion of purchase prices between $500,000 and $999,999” said Mark McLean, TREB’s President.
The average price in February was up by 14.9% from the same time last year to $685,278. Detached homes and semi-detached homes in the GTA led the way in terms of price increases at 16.1% compared to the same time last year.
“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
Sales of Toronto (416 area code) condominium apartments increased by 25.6% in February, 2016. The average selling price of a Toronto condo increased by 17.8% in February 2016 from the same time last year to $435,579.
Condominium apartments accounted for 26.8% of total sales in the GTA for February 2016 while detached homes accounted for 47.6% of the total sales.
Other notable statistics include the average days on the market for February at 21 days, down 8.7%. The sales-to-listings ratio for February 2016 was 69.9% 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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