NEWS RELEASE



GTA REALTORS® REPORT MONTHLY RESALE MARKET FIGURES

TORONTO, March 4, 2015 -- Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 6,338 home sales through the TorontoMLS system in February 2015.  This result represented a substantial 11.3 per cent year-over-year increase compared to February 2014.  Large annual increases in transactions were noted for most major home types, in the City of Toronto and surrounding GTA regions. 

“Even with the record low temperatures last month, we still saw an increase in the number of people purchasing homes in the GTA.  This 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,” said Mr. Etherington. 

The overall supply of homes for sale, as measured by the count of active listings at the end of February 2015, was down by 8.7 per cent compared to the same count in February 2014.  This means that market conditions became tighter, leading to more competition between buyers. 

The overall average selling price for February 2015 home sales was $596,163 – up by 7.8 per cent compared to the average for February 2014.  Driving this increase was the detached market segment.  In the City of Toronto, the average detached selling price moved above $1 million dollars for the first time in a calendar month.  

“The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s Director of Market Analysis

 

Summary of TorontoMLS Sales and Average Price February 1-28

2015

2014

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,370

$630,858

4,211

2,123

$599,262

4,357

Rest of GTA ("905")

3,968

$575,441

6,292

3,573

$525,288

6,451

GTA

6,338

$596,163

10,503

5,696

$552,859

10,808

TorontoMLS Sales & Average Price  By Home Type February 1-28

 

Sales

Average Price

 

416

905

Total

416

905

Total

 

 

Detached

774

2,271

3,045

1,040,018

694,285

782,166

 

Yr./Yr. % Change

16.9%

12.9%

13.9%

8.9%

8.5%

8.9%

 

Semi-Detached

198

402

600

702,035

474,292

549,447

 

Yr./Yr. % Change

-1.5%

3.6%

1.9%

4.9%

11.6%

8.1%

 

Townhouse

228

722

950

507,843

433,127

451,059

 

Yr./Yr. % Change

10.7%

14.6%

13.6%

-7.0%

8.0%

3.3%

 

Condo Apartment

1,153

482

1,635

369,655

322,055

355,623

 

Yr./Yr. % Change

12.4%

4.6%

10.0%

-0.9%

10.9%

2.4%