Tuesday, March 10, 2015
GREATER TORONTO REALTORS® REPORT MONTHLY RESALE MARKET FIGURES February 2015
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. “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.
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