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Market Watch Feb 2017

Posted by Mandeep Bhathal ot 02:41 PM

Sales Up and Listings Down in February 

"The February statistics tell me that many Greater Toronto Area households continue to view home ownership as a great long-term investment. The high demand for ownership housing we're seeing is broad-based, with strong sales growth for most low-rise home types and condominium apartments. While the demand for ownership housing grew over the past year, new listings entered into TREB's MLS® System in February were down on a year-over-year basis by 12.5 per cent to 9,834.  The average selling price was up by 27.7 per cent year-over-year to $875,983. Annual rates of price growth continued to be strongest for low-rise home types, particularly detached houses. Growth rates for condominium apartment prices were also in the double digits, likely a result of strong demand from first-time buyers.

"The listing supply crunch we are experiencing in the GTA has undoubtedly led to the doubledigit home price increases we are now experiencing on a sustained basis, both in the low-rise and high-rise market segments. Until we see a marked increase in the number of homes available for sale, expect very strong annual rates of price growth to continue," said Jason Mercer, TREB's Director of Market Analysis".

                                                              Year-Over-Year Summary 

 

                                               2017                      2016                  % CHG

                      Sales               8014                       7583                  5.7%

                  New Listings        9834                      11234                 -12.5%

                 Active Listings      5400                     10902                  -50.5%

                 Average Price        $875983               $685738               27.7%

                 Average DOM        13                         21                       -38.1%

 

 

 

 

 


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