Thanks for reading my Real Estate Update for February, I hope you find the following information useful.
The average price for homes in the GTA surpassed the $500,000 mark in February, up 10.8 percent from the same period last year. What many have been anticipating for some time has finally happened, while there are mixed reports as to what will happen to houses prices in the GTA — I believe prices will continue to climb at a more reasonable pace than the surges we saw over 2010 and 2011.
7,032 homes were sold in February 2012, up a staggering 16.1 percent from February 2011 when 6,058 sales were reported (resale).
The graph below shows month-by-month averages prices in 2011 and 2012:
As previously mentioned, sales were up 16.1 percent year-over-year — this is also referred to as demand. While the demand is up this year, supply levels have remained level, with a slight increase of 0.1%. Supply levels are determined by totaling the number of active listings.
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|Feb 2011||Feb 2012|
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). The first column is the average prices for February 2012, and the next column displays year-to-date cumulative totals.
|Overall Toronto Average Prices by Type|
This wraps it up for the GTA update. In the following section, As always, the next section will review the figures for the Beaches (E2) and Leslieville/Riverdale (E1).
Average prices in Leslieville/Riverdale and the Beaches are between $50,000 and $140,000 (respectively) above that of the GTA average. Sales volumes are also picking up, as is the norm for this time of year. In E1, there were 86 sales in February, while E2 volume was slightly less at 60 sales. These are healthy numbers for February.
|E1 (Leslieville/Riverdale) & E2 (Beaches)|
The following chart breaks down housing prices a step further by showing average prices for the month of February by type (i.e. Detached, Semi, Condo, etc). A very interesting number in this chart is the average condo price for E1, which is quite high for the area (and condos in general). After doing a bit of digging into the reason, I discovered that most of the condos sold in February were from a newer building located at 319 Carlaw Ave at Dundas St known as “Work Lofts”. This is a great new development located in a high demand area known for lofts, which is why they sold for so much. In fact, almost every unit that was sold in the building in February was sold for well-above asking.
|E1 & E2 Average Prices by Type – Feb 2012|
Thanks for reading my market update for February 2012. As always, if you have questions, looking to make a move or know someone that is, let me know – I’m happy to help!