GTA REALTORS® reported a record number of home sales in February 2016. Sales were up 21.1 per cent compared to February 2015. However, the number of new listings has increased by a only 8.2 per cent in a year-over-year comparison. The demand is still strong and combined with low inventory makes for the increase of the average price. In February 2016 the average price was up by 14.9 per cent annually, amounting to $685,278.
The stats are unusually good for a February report, but there should be some consideration for a seasonal adjustment as it was also one of the warmest February's that I can remember. A lot of people were out looking at homes rather than holding up in their warm and cozies. Winter buying does have a lot to do with the outside temperature...
Title photo: Bay Adelaide Centre West by Jeff Hitchcock