What can we say, the GTA housing market is on fire! Home sales rose 52.5% across the board. With February stats out this week, the 905 regions are seeing a surge and the average selling price rose to $1,045,488, the first time it has exceeded the million-dollar mark. Detached houses in the 905 communities surrounding Toronto experienced a particular surge. They sold for nearly 30% more this February compared with the same month last year. The Toronto Real Estate Board is warning that the already hot pandemic market is poised to become more competitive as the year goes on.
With low inventory and high demand, double digit price growth is seen in almost all types of housing. The average price for a detached house in the 905 is $1.3 million up 27.8% from a year ago and in the City of Toronto detached homes sold on average for $1.7 million – up 13.2%. Semi-detached homes outside the city also saw increases of 20% with the average sale price of $1,050,820 and in the City of Toronto the average sale price is $1,324,244 an increase of 10%.
Condo prices also continued to climb in the 905 areas – up 5.4% year-over-year to an average of $563,587. Prices for condos in Toronto are down 6.4% compared with last February to an average price of $676,837. That being said, last month’s 3,116 transactions in the GTA represented a 64.3% year-over-year increase, with both the 905 and the City of Toronto condo sales experiencing a similar gain. If sales continue to outstrip new listings, those prices will rise. Renewed price growth in this market segment is a distinct possibility in the second half of the year.
