February 2016 is on a Strong Pace
The Toronto Real Estate Board (TREB) just released its February 2016 numbers.
Prices are up by 14.9%
Sales are up by 21.1%
Listings are up by 8.2%
This is all compared to February 2015.
Let me know if you would like to discuss the numbers?
Here is a copy of the news release.
Record February Sales
GTA REALTORS® Release Monthly Resale Housing Market Figures TORONTO, March 3, 2016 –
Toronto Real Estate Board President Mark McLean announced Greater Toronto Area REALTORS® reported a record number of home sales through TREB’s MLS® System in February 2016.
There were 7,621 transactions reported this past February – up 21.1 per cent compared to February 2015. The number of new listings entered into TREB’s MLS® System was also up on a year over-year basis, but by a lesser 8.2 per cent.
The fact that the annual rate of sales growth outstripped the annual rate of new listings growth shows a tightening of market conditions compared to last year.
“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said Mr. McLean.
Seller’s market conditions continued throughout the GTA in February. Strong competition between buyers resulted in a healthy growth in selling prices. The MLS® Home Price Index (HPI) Composite Benchmark was up by 11.3 per cent year-over-year.
The average selling price was up by 14.9 per cent annually to $685,278. “Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016.
Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
Two matters that were significant were taken into consideration. There was one extra day this year and mortgage qualifications changed mid-month. It was noteworthy that there was no discernable difference in demand over the month.
If there was an impact, one would have expected the first two weeks to be very busy and to see a dropoff in the last two weeks. That didn’t happen!
So, what’s NEXT?
Want to know where to buy and what to sell?
Give me a call.
Brian Madigan LL.B., Broker