A total of 6,338 home sales were recorded in February 2015 on the TorontoMLS. This increase in home sales represents an 11.3% rise over February 2014. House prices also rose by 7.8% compared to last year.
“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 Toronto Real Estate Board President Paul Etherington.
The overall average selling price was $596,163 in February 2015. Sale prices of detached homes continued to drive the increase as inventory levels remain low and competition remains high resulting in multiple offers. The average price for a detached home in the City of Toronto moved for the first time above $1 million dollars.
“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.
If this is any indication of what’s to come, the spring market looks to be a very busy and competitive one. Prices continue to rise as home ownership is still well within reach, although some buyers may be seeking alternatives in townhomes and condos as prices of freehold detached homes continue to skyrocket.