February 2015 Resale Home Sales

Toronto Real Estate Board President Paul Etherington 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.

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.

Source: TREB Market Watch


February 2015 2014
2015 Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 2,370 $630,858 4,211 2123 $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
Detached 2015 Sales VYA Average Price VYA
Sales City of Toronto ("416") 774 16.9% $1,048,018 8.9%
Rest of GTA ("905") 2271 12.9% $694,285 8.5%
GTA 3045 13.9% $782,166 8.9%
Semi-Detached 2015 Sales VYA Average Price VYA
Sales City of Toronto ("416") 198 -1.5% $702,035 4.9%
Rest of GTA ("905") 402 3.6% $474,292 11.6%
GTA 600 1.9% $549,447 8.1%  
 
Townhouse 2015 Sales VYA Average Price VYA  
Sales City of Toronto ("416") 228 10.7% $507,843 -7.0%  
Rest of GTA ("905") 722 14.6% $433,127 8.0%  
GTA 950 13.6% $451,059 3.3%  
 
Condo Apartment 2015 Sales VYA Average Price VYA  
Sales City of Toronto ("416") 1153 12.4% $369,655 -0.9%  
Rest of GTA ("905") 482 4.6% $322,055 10.9%  
GTA 1635 10.0% $355,623 2.4%  
 
Source: Market Watch Monthly News Release  

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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