Despite the frigid cold in February, homeowners throughout Toronto & the GTA have a lot to smile about. Here’s why.
The average selling price for the first 14 days of the month stood at $602,110, an eye-popping 10.3 per cent increase over the same period I reported last year.
Overall, sales activity jumped 14.9 per cent, resulting from a total of 3,120 homes changing hands during the first two weeks of February.
The number of new listings entered into the Toronto-MLS system was also up on a year-over-year basis, but by a lesser annual rate of 3.5 per cent.
While average prices have seen double-digit gains, we’ve also seen borrowing costs decline over the same period. That said, buyers looking for houses in central Toronto, are still having a difficult time finding options to meet their needs.
Bear in mind that this 10.3% year over year price gain mentioned above, is a reflection of the tight detached and semi-detached housing segments.
We see that Toronto’s core still leads the pack, as illustrated below.
In the (416) districts
• Detached homes average $1,056,238
• Semi-detached average $717,556
• Townhouses average $510,839
• Condo Apartments average $373, 934
In the (905) regions
• Detached homes average $697,417
• Semi-detached average $475,894
• Townhouses average $438,968
• Condo Apartments $309,930
- Studios are leasing for just under $1400 per month on average
- The one bedroom market, without parking, begins at around $1600
- A parking space leases for approximately $150 per month
- The two-bedroom units starts at $2000 per month without parking
- The top end, two bedrooms plus den and parking will average $2800 per month
- In the one bedroom segment, 53% of units were rented without parking
- For two bedrooms on the other hand, only 24% of available units were rented without parking
- A better measure of the market at this time of year is that ‘days-on-market’ were in the 20+ range for all property types. In the summer, this number drops to the 8-15 day range.