Mar 12 | Posted by Barry Cohen

Even before the official start of the Spring Real Estate Market, and despite the very frigid temperatures last month, the housing market in the GTA eclipsed the same period last year in sales and the average overall selling price was up by 7.8%.  Many other Canadian markets are stagnant or in a slump, but here in the Toronto area it’s booming.  Last month also set a record for the first time in a calendar month that the average detached selling price moved above one million dollars.

Last month members of the Toronto Real Estate Board reported 6,338 home sales through the Toronto MLS system, a substantial 11.3 percent increase year-over-year compared to February 2014.  Most major home types in the City of Toronto and surrounding GTA recorded large annual increases in transactions.  The overall average selling price increased substantially over February 2014 coming in at $596,163 predominantly driven by the detached market segment.  The average sale price is calculated based on the total dollar volume of all properties sold.

The overall supply of homes for sale was down by 8.7 percent over the same period last year, resulting in a tighter market last month and more competition between buyers.  There is a big demand for low-rise home types like singles, semis and townhouses, although 1635 apartment-type condos were sold last month in the GTA.

In his recent press conference, Paul Etherington, President of the Toronto Real Estate Board stated “Even with 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”.

Sales & Average Price

  Sales     Avg Price
   
  416 905 Total 416 905 Total
Detached 774 2,271 3,045 $1,040,018 $694,285 $782,166
Semi-Detached 198 402 600 $702,035 $474,292 $549,447
Townhouse 228 722 950 $507,843 $433,127 $451,059
Condo Apartment 1,153 482 1,635 $369,655 $322,055 $355,623


Year-Over-Year Summary

 

  2015
2014
% Change
Sales 6,338 5,696 -11.3%
New Listings 10,053 10,808 -2.8%
Active Listings 12,793 14,019 -8.7%
Average Price $596,163 $552,859 +7.8%
Average Days On Market 24 26 -7.7%

Now is the time to get your house on the market.  I would be happy to provide you with an accurate, professional evaluation of your homes current market value, or assist you with finding your ideal home in the GTA.