According to the Toronto Real Estate Board (TREB), total number of home sales across the GTA spiked to 7,621 in February – up 21.1 per cent compared to the same month last year.
The huge uptake in sales was felt across the board, with condo sales in Toronto up 25.6 per cent and single-family detached houses experiencing a strong 20.3 per cent jump throughout the region. Prices also saw a significant boost in February, collectively up 14.9 per cent to a regional average of $685,278 (for houses and condominiums combined). That marks a $54,000 increase in homes prices from just one month ago – further cementing the fact that January will stand as the cheapest month to buy a home as prices continue on their upward trajectory throughout the year.
Condos on the other hand remain the far more affordable option, with highrise units that fall in the bounds of the 416 changing hands for $435,679 – a substantial double-digit 17.8 jump over February 2015. In the city’s highly sought after down core, condo prices edged closer to the half-million mark with apartments selling for an average of $488,518.
The large leaps in home prices is primarily tied to a tight supply of properties on the market. Active listings dipped 8.6 per cent in February alone. “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.
Top facts from the TREB Market Watch Report for February 2016
Average Condo Price
City of Toronto: $435,579
Average Detached Home Price
City of Toronto: $1,211,459
Average Semi – Detached Home Price
City of Toronto: $848,835
Average Townhouse Price
City of Toronto: $578,667