February 2015 Market Review
The Toronto real estate market had a great month in February. In the face of a decline in new listings (-2.8%) and active listings (-8.7%) compared to 2014, the number of sales surged 11.3%, to 6,338. Naturally, that created competitive situations for buyers. It’s that competition that has been driving prices up in Toronto over the last number of years. Last month, the average price went up 7.8%, to $596,163.
That average number includes all types of homes – not just the detached homes that get the major headlines. Sure, the average price for a fully detached house in Toronto has edged past the million dollar mark, but there are other types and styles (semi-detached, townhouses, stacked towns) which remain affordable.
The best part (from a ‘strong-market’ perspective) is that those sales happened during the coldest February on record. Bad weather is often a deterrent to market activity. Obviously, a large snowfall can slow down the whole city. Extreme cold can also have a dampening effect on real estate sales – because who wants to be snooping around the outside of a house, or contemplating it from the sidewalk out front, when the wind-chill is -35C? All those sales last month show that buyers in Toronto sure are keen – and tough! 😉
March may still throw some snow at us (as it so often does), but the daytime highs are mostly going to be above zero. Spring is well on its way! This is always good news for the real estate market: it’s more comfortable to be outside (or in-and-out of a vehicle), snowbanks melt (making parking easier) and homes and gardens start to show better – which is what so many sellers wait for. The spring surge will begin soon.