Last month I told you about the wild start to 2014 that began with a feeding frenzy on several homes in the Toronto core. Well, not much has changed. Demand is still outweighing Supply for single family homes in Toronto. On the other hand, the condo market is a little more balanced. Inventory is holding steady, and people are still buying units throughout the city. I’m expecting this momentum to continue into the warmer months with even more people (buyers and sellers) jumping into the real estate market after the forthcoming thaw.
The average home price in the GTA in February increased to $553,193. This is up over $23,000 from January, and 8.6 percent year-over-year. Sales volumes were up about 2.1 percent over last year, with about 5,700 homes and condos sold in the month of February. As mentioned, supply is down – 12.2 percent. That equates to about 2000 less properties on the market than in February of 2013.
If you would like more information or details after reading this update, I’d be happy to elaborate on anything in this update or provide you with neighborhood-specific figures. Just send me an email or give me a call at 416-690-2181 to discuss.
The graph below shows a running tally of month-by-month averages prices in 2013 and 2014:
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|Feb 2013||Feb 2014|
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). February 2014 and Year-to-Date (YTD) cumulative totals.
|Overall Toronto Average Prices by Type|
That’s it until next month!