The Competition is Heating Up!

Paul Ehterington, the President of the Toronto Real Estate Board, announced that there were 6,338 home sales in the month of February in the GTA. This means that there was a staggering increase of sales this February, compared to February 2014 – an 11.3% increase!

The overall inventory of homes for sale in February was down 8.7% compared to February 2014. This decrease in inventory has created a very tough and competitive market for buyers. The average selling price in February 2015 was $596,163, which is a 7.8% increase from last year.

An important piece of information to point out is that within the City of Toronto, the average detached-home selling price was above $1 million.

According to Jason Mercer, the Toronto Real Estate Boards Director of Market Analysis, “February points to a robust demand for ownership housing in the GTA, coupled with a constrained supply of homes, especially with low-rise home types, such as singles, semi’s and townhouses are concerned.”

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