Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area Realtors reported a 14.9% increase in the number of sales entered into the Toronto MLS system during the first two weeks of February 2015 compared to the same period in 2014. There was a total of 3,120 home sales during the first 14 days of February 2015.

Comment: There you go, all those new listings last month are gone. Those are incredible sales numbers. Even with Feb 2014 being depressed because of the weather, those are still high. And we have had our share of cold and snow this month!

The number of new listings entered into the Toronto MLS system was also up on a year-over-year basis, but by a lesser annual rate of 3.5%.

“As households continue to take advantage of the great diversity of home ownership options in the Greater Toronto Area, home sales have continued to trend upwards. While home prices are higher compared to this time last year, borrowing costs are lower. Home buyers are still finding affordable options to meet their housing needs,” said TREB President Paul Etherington.

The average selling price for the first half of February 2015 was $602,110, representing a 10.3% increase compared to the average reported for the same period in 2014. Annual price growth continued to be driven by the tight low-rise market segment, with double-digit growth reported for detached and semi-detached homes.

Comment: Wow, I thought it would be April or May before we saw the $600k average price. Guess things are heating up more than any of us thought!

“With tight market conditions continuing to prevail in most parts of the Greater Toronto Area, especially where low-rise home types are concerned, it is no surprise that we continue to see strong competition between buyers leading to robust annual rates of price growth,” said Jason Mercer, TREB’s Director of Market Analysis.

City  of  Toronto  (“416”)
2015 Sales: 1,174 | Average Price: $642,116 | New Listings: 2,178
2014 Sales: 1,011 | Average Price: $592,822 | New Listings: 2,061

Rest  of  GTA  (“905”)
2015 Sales: 1,946 | Average Price: $577,975 | New Listings: 3,135
2014 Sales: 1,704 | Average Price: $518,212 | New Listings: 3,070

GTA
2015 Sales: 3,120 | Average Price: $602,110 | New Listings: 5,313
2014 Sales: 2,715 | Average Price: $545,995 | New Listings: 5,131

Comment: And detached houses in the 416 hit $1,056,238 – breaking the million dollar average. Again, I thought this wouldn’t happen for another 2 months. Almost $700k in the 905 for a detached house as well. Amazing… scary, but amazing.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.
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