The Toronto Real Estate Board reported a record number of home sales in February. There were 7,621 transactions reported this past February – up 21.1% compared to February 2015.
The number of new listings entered into TREB’s MLS® System was also up on a year-over-year basis, but by a lesser 8.2%. The fact that the annual rate of sales growth outstripped the annual rate of price growth shows a tightening of market conditions compared to last year.
“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said TREB President Mark McLean.
Seller’s market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3% year-overyear. The average selling price was up by 14.9% annually to $685,278.
“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
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