The Greater Toronto Area Realtors have just released the latest sales numbers. Last month, there were 6,338 transactions reported through the TorontoMLS system, which represents an 11.3 per cent year-over-year increase from February 2013. This surge in sales volume was seen across all major home types within the GTA.
Speaking of these numbers, Paul Etherington, the President of the Toronto Real Estate Board, said that the “increase in the number of people purchasing homes in the GTA… 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.”
Another market indicator discussed in the report was the average selling price last month, which was $596,163 last month, up 7.8 per cent as compared to the average price of $552,859 a year ago. Further, the average selling price of a detached home in Toronto was $1,040,018, which marked the first time over a calendar month this market segment reached the $1 million dollar mark. Moreover, the average days it takes for a property to sell (otherwise known as Days on Market or DOM) fell 7.7 percent to 24 days from 26 days in February 2014.
As seen in the past several quarters, this was driven a high demand and low supply, resulting in tight market conditions and competition between buyers.
If you are thinking about buying or selling your home, there is no better time to speak to a knowledgeable and experienced Century 21 King’s Quay sales representative today!