Toronto Real Estate Board 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.
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.
| Toronto | |||||||
| Home Type | Sales | Average Price | New Listings | Active Listings | Average SP/LP | Average DOM | |
| Detached | 774 | $1,040,018 | 1,215 | 1,131 | 102.0 % | 16 | |
| Semi-Detached | 198 | $702,035 | 275 | 179 | 106.6 % | 13 | |
| Condo Townhouse | 162 | $428,152 | 288 | 315 | 100.3 % | 24 | |
| Condo Apt | 1,153 | $369,655 | 2,301 | 3,744 | 97.8 % | 33 | |
| Link | 6 | $620,967 | 8 | 7 | 101.7 % | 14 | |
| Att/Row/Twnhouse | 66 | $703,448 | 109 | 94 | 103.5 % | 13 | |
| Co-Op Apt | 8 | $561,700 | 11 | 21 | 98.4 % | 24 | |
| Det Condo | 0 | $0 | 0 | 1 | 0.0 % | 0 | |
| Co-Ownership Apt | 3 | $312,033 | 4 | 14 | 96.1 % | 43 | |
| Total | 2,370 | $630,858 | 4,211 | 5,506 | 101.1 % | 24 | |
| Newmarket | ||||||||
| Home Type | Sales | Average Price | New Listings | Active Listings | Average SP/LP | Average DOM | ||
| Detached | 71 | $648,798 | 125 | 95 | 99.9 % | 19 | ||
| Semi-Detached | 12 | $479,792 | 17 | 7 | 100.3 % | 9 | ||
| Condo Townhouse | 9 | $348,469 | 9 | 8 | 100.3 % | 22 | ||
| Condo Apt | 8 | $314,488 | 7 | 6 | 99.8 % | 32 | ||
| Link | 1 | $454,900 | 1 | 0 | 98.9 % | 9 | ||
| Att/Row/Twnhouse | 14 | $470,642 | 13 | 9 | 101.3 % | 10 | ||
| Total | 115 | $561,027 | 172 | 125 | 100.1 % | 18 | ||
Here’s a breakdown of the biggest gains in the GTA:
Sales
- Sales of detached houses in the 416 rose 16.9 per cent.
- Townhouse purchases in the 905 increased by 14.6 per cent.
- Detached house sales in 905 were up by 12.9 per cent.
Price growth
- Semis in the 905 saw prices rise by 11.6 per cent to an average sale price of $474,292
- Condos in the 905 region rose 10.9 per cent to $322,055.
- Detached home sales in Toronto-proper increased by 8.9 per cent to an average of $1,040,018
New Condominium Market Snapshot
