Toronto real estate continued to climb north, despite much talk about the froth that’s brewing. According to the latest release from the Toronto Real Estate Board (TREB), you probably shouldn’t expect it to stop the next couple of months either. Toronto real estate saw climbing prices, increased sales, and a decline of listings in February.
Prices Are Rising
The composite price of housing in Toronto increased for the third month in a row. The average sold price in February was $875,983, a 27.7% increase from the same month last year. This brings the benchmark price, a number calculated to remove pricing bias to luxury homes, to $727,300 – a 23.83% increase from the same time last year. Every ward in the city increased, but 4 out of 5 city wards saw increases of more than 15%.
Toronto Average Sale Price
Despite widespread news reports that prices are astronomically high, they’re a slightly lower than you might expect. The median price of a home is $715,000, meaning half of all buyers purchased below that price. The most popular price range was between $600k and $700k, where 11.5% of all homes sold fit.
Sales Are Increasing
Sales across the GTA also increased for the third month in a row. The TREB region saw 8,014 sales, a 5.7% increase from the same time last year. Breaking that down, only 2900 were in the City of Toronto, which is a 3.2% increase from the same time last year.
Listings Are Dropping
The number of listings declined once again, with the 416 experiencing a substantially larger drop. The TREB region saw 9,834 new listings, a 12.5% decline from the year prior. This trend was largely due to a decline in the proper city of Toronto, which saw 3,586 new listings – a massive 19.88% decline.
A great report, but how many great reports make a bubble? Jury’s still out on that, but we probably should expect a bad one for at least the next few months.