Toronto and Etobicoke Real Estate Homes Sales for February 2018
Looking for current information on Toronto and Etobicoke Real Estate Home Sales for February 2018?
GTA REALTORS® Release February Stats
Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,175 residential transactions through TREB’s MLS® System in February 2018. This result was down 34.9 percent compared to the record 7,955 sales reported in February 2017.
The number of new listings entered into TREB’s MLS® System totaled 10,520, a 7.3 per cent increase compared to the 9,801 new listings entered in February 2017. However, the level of new listings remained below the average for the month of February for the previous 10 years.
“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr. Syrianos.
The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a year-over-year basis for the TREB market area as a whole. This growth was driven by the apartment and townhouse market segments, with annual benchmark price increases of 18.8 per cent and 7.5 per cent respectively. Single-family detached and attached benchmark prices were down slightly compared to February 2017. The overall average selling price for February sales was down 12.4% year-over-year to $767,818. However, putting aside the price spike reported in the first quarter of 2017, it is important to note that February’s average price remained 12 per cent higher than the average reported for February 2016, which represents an annualized increase well above the rate of inflation for the past two years.
“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” 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 Home Sale stats for your local area, I have you covered.
Here is a snapshot of homes sold in the month of February for Etobicoke:
ETOBICOKE REAL ESTATE MARKET WATCH
How did your Etobicoke market do? Do you have questions about your Etobicoke home and wonder where it falls within theses stats?
For more detailed information on your Etobicoke neighbourhood or more specifically on your own home. I invite you to give me a call at 416-762-8255 or e-mail me today
PART OF MY JOB AS YOUR REALTOR® IS TO PROVIDE YOU WITH UP TO DATE LOCAL MARKET STATISTICS. THIS WAY YOU ARE KEPT IN THE KNOW ABOUT YOUR HOME’S WORTH.
THIS INFORMATION IS CRITICAL FOR MAKING A DECISION IF YOU ARE THINKING ABOUT WHETHER NOW IS A GOOD TIME TO SELL, BUY OR JUST ENJOY YOUR HOME FOR MANY YEARS TO COME!