11 Mar Toronto and GTA Real Estate Update – February 2020
THE FEBRUARY 2020 REAL ESTATE MARKET UPDATE AND STATISTICS FOR TORONTO AND THE GTA ARE HERE!
LOOKING FOR MORE INFORMATION OR ANOTHER COMMUNITY? CONTACT ME FOR MORE.
Toronto and the GTA saw a very strong start to the year, as reflected in the February 2020 real estate update. We are once again in a tight seller’s market! Contact me anytime for a personal discussion about your real estate situation.
Here are some of TRREB’s highlights for February 2020
Greater Toronto Area (GTA) REALTORS® reported 7,256 residential transactions through TRREB’s MLS® System in February 2020, representing a 45.6% increase compared to a 10-year sales low in February 2019. However, February 2020 sales were still below the 2017 record result. Year-over-year sales growth, for the GTA as a whole, was strongest for ground-oriented home types. After preliminary seasonal adjustment, February 2020 sales also exhibited positive momentum, up by 14.8% compared to January 2020.
New listings amounted to 10,613 in February 2020, a 7.9% increase compared to February 2019. This moderate annual growth rate was much smaller than that reported for sales, which means market conditions tightened considerably over the past year.
“Sales growth well in excess of listings growth is once again the norm. This is because the temporary effects of the 2017 Ontario Fair Housing Plan and the OSFI mortgage stress test have largely worn off. However, while these policies were running their course, the well-publicized housing supply problem in the GTA continued unabated. All
levels of government have acknowledged the supply problem, but we need to very quickly move from policy briefs to shovels in the ground,” said TRREB CEO John DiMichele.
As market conditions tightened over the past year, competition between buyers has clearly increased. This resulted in a further acceleration in year-over-year price growth in February. The MLS® Home Price Index Composite Benchmark was up by 10.2%.
The average selling price for all home types combined was up by 16.7% to $910,290. Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments.
Feel free to reach out anytime to discuss real estate in Toronto or the West GTA (Mississauga, Milton, Oakville, Burlington).