Photo: James Paolo/Flickr
The winter cold didn’t chill sales of existing homes in the GTA: the Toronto Real Estate Board (TREB) counted 3,120 transactions in the first two weeks of February, a 14.9 per cent jump over the same time in 2014.
Prices also experienced double digit growth. In the first part of the month, the average sale price rose 10.3 per cent to $602,110. New listings were also up, albeit a much less dramatic increase of 3.5 per cent.
“With tight market conditions continuing to prevail in most parts of the Greater Toronto Area, especially where low-rise home types are concerned, it is no surprise that we continue to see strong competition between buyers leading to robust annual rates of price growth,” said Jason Mercer, TREB’s Director of Market Analysis.
Just how much do low-rise homes cost in the city? In Toronto-proper, the 386 detached houses that were sold had an average price of $1,056,238, a 10.9 per cent increase over the year before. Detached homes also saw significant growth in the 905 region, rising 9.9 per cent to an average of $697,417.
The biggest year-over-year price increases were both in the 905: townhouse sale prices increased 14.1 per cent to $438,968 while semi rose 13.2 per cent to $475,894.
For more details check out the TREB table below: