Robust Sales and Price Growth: Greater Toronto Area REALTORS® reported 6,338 home sales in February through the TorontoMLS [Video]

The overall average selling price for February 2015 home sales was $596,163– up by

Jason Mercer, TREB’s Director of Market Analysis, discusses TREB Housing Market Report

Toronto Real Estate Board 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.

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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.

Summary of TorontoMLS Sales and Average Price February 1-28
	2015							2014
	Sales		Average  Price			New  Listings		Sale		Average  Price		New Listings
City of Toronto ("416")	2,370		$630,858			4,211		2,123		$599,262		4,357
Rest of GTA ("905")	3,968		$575,441			6,292		3,573		$525,288		6,451
GTA	6,338		$596,163			10,503		5,696		$552,859		10,808
TorontoMLS Sales & Average Price  By Home Type February 1-28
		Sales					Average Price
		416		905	Total		416		905		Total
Detached		774		2,271	3,045		1,040,018		694,285		782,166
Yr./Yr. % Change		16.9%		12.9%	13.9%		8.9%		8.5%		8.9%
Semi-Detached		198		402	600		702,035		474,292		549,447
Yr./Yr. % Change		-1.5%		3.6%	1.9%		4.9%		11.6%		8.1%
Townhouse		228		722	950		507,843		433,127		451,059
Yr./Yr. % Change		10.7%		14.6%	13.6%		-7.0%		8.0%		3.3%
Condo Apartment		1,153		482	1,635		369,655		322,055		355,623
Yr./Yr. % Change		12.4%		4.6%	10.0%		-0.9%		10.9%		2.4%

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