WHAT THE FEBRUARY NUMBERS TELL US

February was another record-breaking month for the Toronto housing market. We saw a surge in home sales—and skyrocketing prices. One thing is clear: local buyers are making the most of low borrowing costs. They’re also feeling emboldened by the fact that a return to normal life lies in the not-too-distant future.

Home sales for February reached 10,970. For the same month of last year, that number was 7,193—which means they’ve jumped by a whopping 52.5 per cent. The average price also increased by 14.9 per cent year-over-year, from $190,142 to $1,045,488. This is the first time that number has surpassed the $1 million mark—a sure sign that the market is on fire.

There were significant gains across the board. Detached homes cost $1,684,073 on average (a number that’s up 27.8 per cent year-over-year). Townhouse sales rose by 62.5 per cent, and they cost 25.6 per cent more than they did last February. Semi-detached sales were up 53.1 per cent—but the biggest jump was in the condo market. Sales growth in this sector exploded by 64.3 per cent.

LOOKING CLOSELY AT THE LUXURY MARKET

Let’s see what’s happening in the GTA’s luxury market. The benchmark price for detached homes for the month was $2,500,000. The most active price range was between $2,500,000 and $2,699,999. Unlike what we saw in January, the February median sale price rose year-over-year (from $2.9 million to 3.1 million—an increase of 7 per cent).

The overall number of sold luxury properties shot up 94 per cent from the same month of last year. Inventory was down by 45 per cent. All told, it was a seller’s market.

When it comes to luxury condos, the most active price range was between $915,000 and $999,999. In contrast to what we saw outside the high-end market, unit sales were down slightly—as was the median price. That said, they sold for 99.23 per cent of their list price. February was a seller’s market for luxury condos.

PREPARING TO BUY OR SELL?

When you’re ready to take your next step, I’m here to provide market insight. Get in touch to find out more about what the latest numbers mean for your purchase or sale—and start forging the path to a successful result!