Record February Home Sales According to the Toronto Real Estate Board
Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB’s MLS® System in February 2016. There were 7,621 transactions reported this past February – up 21.1 per cent compared to February 2015.
The number of new listings entered into TREB’s MLS® System was also up on a year-over-year basis, but by a lesser 8.2 per cent. The fact that the annual rate of sales growth outstripped the annual rate of new listings growth shows a tightening of market conditions compared to last year.
“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mr. McLean.
Seller’s market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-overyear. The average selling price was up by 14.9 per cent annually to $685,278.
“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
But that is only a snapshot of what happened in the GTA. If you are looking for Etobicoke Real Estate stats for your local area, I have you covered.
Here is a snapshot of solds in the month of February for Single Family Homes:
District Active Sold/Mth Sold/Year Avg$/Mth
W06 280 105 178 $527,684
W07 38 30 40 $898,761
W08 285 134 209 $725,034
Area Total: 603 269 427
How did your market do? Do you have questions about your home and wonder where it falls within theses stats?
For more detailed information on your area or more specifically on your own home, I invite you to give me a call or send me an email.