March 4, 2015. Greater Toronto Area REALTORS® reported 6,338 home sales in February 2015, that’s a substantial 11.3 per cent year-over-year increase compared to February 2014. Large annual increases in transactions were noted for most major home types, in the City of Toronto and surrounding GTA regions.
Mr. Paul Etherington, TREB President, said that even with the record low temperatures last month, there was still 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 ownership housing as a quality long-term investment in which they can live.
The overall supply of homes for sale was down by 8.7 per cent compared to the same count in February 2014. This means that market conditions became tighter, leading to more competition between buyers.
The overall average selling price for February 2015 home sales was $596,163 – up by 7.8 per cent compared to the average for February 2014. In the City of Toronto, the average detached selling price moved above $1 million dollars for the first time in a calendar month.
“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.
Buyers continue to see home ownership as a great investment
Sandra O’Donohue, President of Durham Region Association of REALTORS®, reported 728 residential transactions in February 2015. This result is up 13.9 per cent from 639 in February of last year. Inventory remained almost the same year-over-year with 1,085 new listings entering the market compared to 1,073 in February of last year.
The average selling price in the Durham Region reached $420,718 in February 2015. O’Donahue said that the average home price has continued to rise into 2015, representing a 12.8 per cent increase from February 2014. “The driving force behind the higher sale prices is the shortage of inventory compared to the demand of buyers. This trend is what we call a seller’s market” explained O’Donohue. Another indicator of a seller’s market is the amount of time a home spends on the market before it is sold. Homes are selling in an average of 17 days in the Durham Region, which is significantly faster than last year with an average of 23 days on the market.
Even with the robust price growth, there is strong demand for home ownership in the Durham Region which is demonstrated by the higher number of sales and the climbing sale prices. So buyers continue to view home ownership within the Durham Region as a great long-term investment.
If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me for more information.
Broker of Record
Royal Heritage Realty Ltd.
Offices in Pickering and in Whitby