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Toronto Real Estate Market Update – Detaches in Toronto Reach Over $1,000,000

The February 2015 Real Estate Market has proved to be all about the increases, especially where it matters!  With a total of 6,338 homes reported sold in the Greater Toronto Area, our year-over-year comparison in sales substantially grew by 11.3%.

“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 home ownership as a quality long-term investment in which they can live,” said Paul Etherington, Toronto Real Estate Board President.

INFOGRAPHIC.Feb2015

Detach homes in the 416 finally broke the $1,000,000 mark – with the average price at $1,040,018 in Feb 2015.  Semi-detached homes also saw an increase of 4.9% from February 2014, with the average price at $702,035.  Unfortunately Townhomes saw a dip of 7% and Condos saw a slight decrease in average pricing to $369,655 for the beginning of 2015.

The 905 however is only going up!  With the average Detach homes reaching $694,285 and Semi’s increasing 11.6% to $474,292.  The Townhouse and Condo Market in the 905 is also seeing green as the average selling price for a townhome rose to $433,127 and the average condo selling price up 10.9% – $322,055.

“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.