TREB reported 6,338 home sales in February 2015. This is a significant 11.3 per cent year-over-year increase compared to February 2014. The average selling price has also risen – in February 2015 the average selling price was $596,163, which is a 7.8 per cent increase compared to the average price in February 2014. The inventory was however down by 8.7 per cent in a year-over-year comparison.
It seems that the word for February this year is SUPPLY. Prices are still very strong because of the lack of product, down over 8 per cent in listings in a month that is typically low. The undersupply has caused a healthy increase in prices in the GTA which continues to frustrate consumers and REALTORS as we end up in multiple offers where many offer but only one succeeds and split decisions must be made. Hopefully warmer weather will bring more product to the market… Look to the next two weeks of March break being slow but afterwards…supply should correct somewhat.
Title Photo: BMO by josullivan.59