Mar 10 | Posted by Barry Cohen

Dare I say it again, another month another sales record for the Toronto Real Estate market, eclipsing the previous record set in 2010.  Residential sales were up by an incredible 21.1 percent last month compared to the same period last year.  The average selling price of GTA properties climbed again by 14.9 percent annually.  While it may be true that Leap Year gave us one extra day in February in 2016, these numbers speak for themselves.  There is a very high demand for real estate in our great city.

Toronto area realtors recorded 7,621 residential property transactions through the Board’s MLS system last month, compared to the same period last year when 6,294 sales were reported.  The number of new listings entered into the MLS was also up year-over-year by 8.2 percent.  The new federal mortgage lending guidelines that are now in effect requiring at least a 10 percent down payment on the portion of the purchase price between $500,000 and one million, hasn’t put a damper on the anxious buyers in the GTA, despite the average selling price of properties in our area reaching $685,278.  Market conditions remain tight as buyers continue to outnumber available inventory, meaning our seller’s market remains in effect.

Jason Mercer, the Board’s Director of Market Analysis had this to say “Recent polling conducted for TREB by Ipsos suggested that GTA households 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, prices continued to trend strongly upward”.

Now is the time to sell your GTA property.  Competition is low, buyers are plentiful and motivated and prices are at an all-time high.  I would be happy to meet with you and provide you with a professional, accurate evaluation of your properties current market value and get your home sold quickly and for the top price.