Despite the heavy snowy weather condition in February, local real estate market was very hot.
Reported by Greater Toronto Area REALTOR®, the average selling price was up by 8.6% to $553,193, compared to the average of $509,396 reported for February 2013. From my personal experience, I had two new listings sold right away last month. One got 4 offers in one and a half day and sold at 106% of asking price; and another one sold in one week and sold at 99% of asking price. Serious buyers were out there but didn’t have enough inventories to choose from.
According to TREB’s senior manager of market analysis Jason Mercer, seller’s market conditions will continue to prevail this year.