03/06/2021
Who wants to be a Millionaire?
The Average Sales Price of Homes in the GTA was $1,045,488 in February!
There were 10,970 residential real estate sales through the Toronto Real Estate Board in February. The average selling price for homes sold in the GTA during February was $1,045,488, which is up just shy of 15% when compared to February 2020! At the end of February there was .80 months of housing inventory remaining for sale, which indicates a Seller’s market. It’s also important to note that the last time there was less than 1 Month of Housing Inventory available for sale through TREB was in 2017 when we saw significant price hikes, then a small correction. However, we’ve definitely learned from the mistakes made in the past to prevent them from happening again!!
The Condo Market, continues to recover!! There were 3,116 condo sales through the Toronto Real Estate Board in February, which is an 63.5% increase when compared to February 2020. The average selling price for condos that sold in the GTA during February was $642,346, which is still down 3.6% when compared to February 2020. But, we can expect that; if this trend continues, in a few months year over year price comparisons will soon return to positive appreciation as well!