Real Estate Market Update-February 2015 in Greater Toronto Area including Mississauga, Brampton, Oakville, Milton, Georgetown in Peel Region
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Greater Toronto Real Estate Market is Hot. Average price increased by 7.8% compared to the last year February and the home sales were up by 11.3 percent year-over-year.
Chilly weather and cold winds did not deter Home buyers to get out and buy a piece of home for themselves.
Here is the complete picture:
Greater Toronto Area REALTORS® reported 6,338 home sales through the TorontoMLS system in February 2015. This result represented a substantial 11.3 per cent year-over-year increase compared to February 2014. Large annual increases in transactions were noted for most major home types, in the City of Toronto and surrounding GTA regions.
“Even with the record low temperatures last month, we still saw an increase in the number of people purchasing homes in the GTA.
The overall supply of homes for sale, was down by 8.7 per cent compared to the same count in February 2014. This means that market conditions became tighter, leading to more competition between buyers.
The overall average selling price for February 2015 home sales was $596,163 – up by 7.8 per cent compared to the average for February 2014. Driving this increase was the detached market segment. In the City of Toronto, the average detached selling price moved above $1 million dollars for the first time in a calendar month.
“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 Director of Market Analysis.
Need more information on a specific street please feel free to contact Maya Garg.
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