Leap year’s extra day notwithstanding, February housing sales increased by a record 21.1% in a market that doesn’t seem to be going anywhere but up.
According to February results released March 3 by the Toronto Real Estate Board (TREB), sales soared to 7,621 – a dramatic increase from the 6,294 recorded in February 2015.
While new listings increased by 8.2%, market conditions remained tight, pushing up the average price of a home to $685,278 – a hike of 14.9 % year over year. As TREB president Mark McLean notes: “Even after accounting for the leap year day, sales were above the previous record for February set back in 2010.”
Every home type showed increases in sales of more than 20%, with the exception of scarce detached homes in Toronto (up 11.8% to 855) and townhomes in both Toronto and the GTA (up by 11.0% and 18.1% respectively.) Sales of condo apartments showed the greatest increase in February, up by 25.6% in Toronto (to 1,439,) and 26.7% (to 607) in the rest of the GTA.
The average price of a detached home in Toronto is now $1,211,459 (up 16.3% over last February’s total,) while condo prices in the 905 area increased by only 1.6% (to $327,086.) According to TREB, a recent Ipsos* poll indicates buyers remain “upbeat” about purchasing a home in 2016.
Sellers: Respond to their enthusiasm. List now.
*Ipsos is no longer called Ipsos Reid.
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