TORONTO, March third, 2016 — Toronto Real Estate Board President Mark McLean pronounced Greater Toronto Area REALTORS® reported a record number of home sales through TREB’s MLS System in Feb 2016. There were 7,621 transactions reported this past Feb up 21.1 % compared to February 2015.
The number of new lists entered into TREB’s MLS System was also up on a year-over-year basis, but by a smaller 8.2 per cent. The undeniable fact that the once a year rate of sales growth outstripped the yearly rate of new lists expansion shows a tightening of market conditions compared against last year.
“Even after accounting for the leap-year day, sales were above the prior record for February set back in 2010. Sales were up strongly from the Fifteenth day of the month onward as well, regardless of the new Fed mortgage lending axioms coming into effect that need at least a Ten per cent deposit on the part of purchase prices between $500,000 and $1,000,000,” related Mr. McLean.
Vendor’s marketplace conditions continued across the GTA in February. Strong competition between buyers ended 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 % yearly to $685,278.
“Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about buying a home in 2016. Early sales results for January and Feb actually support this view. With robust sales up against alimited supply of listings, home prices continued to trend strongly upward,” expounded Jason Mercer, TREB’s Director of Market Analysis.