February 2015 Real Estate Market in Toronto Recovers

Toronto Market Moves Sharply Upwards in February 2015

Here’s a copy of the recently released report from the Toronto Real Estate Board (TREB)

TORONTO, March 4, 2015 – Toronto Real Estate Board President Paul Etherington announced that 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. 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 Mr. Etherington.

The overall supply of homes for sale, as measured by the count of active listings at the end of February 2015, 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.

Comment

The previous market direction had been don, not up. Last month, we predicted that would reverse itself, which it did in February. March should prove to be another active month.

For the first time in history, the average price of a detached home in the 416 area exceeded $1,000,000. In fact, that price was $1,040,000.

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com