Toronto continues in its ascent to the lofty heights of near first world mega City…(which it already is but just doesn’t know it)…by virtue of it’s long under-priced real estate. What other major international City of any repute still has prime real estate available at CDN $1,600,000 – the new “average” price (rounded up) for a detached home in central, downtown Toronto!
Here are the February 2017 stats for your consideration with a preamble by TREB President, Larry Cerqua, in the following Official TREB Press Release:
Sales Up and Listings Down in February
March 3, 2017 — Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported 8,014 residential sales through TREB’s MLS® System in February 2017. Despite the fact that February 2016 had one more day due to the leap year day, this result was up on a year-over-year basis by 5.7 per cent compared to 7,583 sales reported last year.
“The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment. The high demand for ownership housing we’re seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments. This makes sense given the results of a recent consumer survey undertaken for TREB by Ipsos, which found an even split between intending first-time buyers and existing homeowners who indicated that they were planning on purchasing a home in 2017,” said Cerqua.
While the demand for ownership housing grew over the past year, new listings entered into TREB’s MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834.
The MLS® HPI Composite Benchmark Price was up by 23.8 per cent compared to February 2016. Similarly, the average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.
“The listing supply crunch we are experiencing in the GTA has undoubtedly led to the doubledigit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue,” said Jason Mercer, TREB’s Director of Market Analysis.
And here is the corresponding MARKET WATCH REPORT with all the stats that are fit to print:
Here is a link to the full report:
- In pdf format:
2. In Slideshare format:
And, here is the TREB MARKET WATCH video with their in- house economist, Jason Mercer, discussing the highlights and other elements reflected in the report:
Please be sure to call (416-921-1112) or email (firstname.lastname@example.org) me – Shawn Venasse – Sales Representative – for more information about any of this…or…for help with all your real estate needs.*