Real Estate Homeward Blog

Market Update March 2015

 

 

 

MARKET UPDATE MARCH 2015

February, 2015, will go down in history as the month in which the average price of a detached home in the City of Toronto (416 area code) surpassed $1,000,000. The average price of a detached home in the suburbs (905 area code) reached $694,285. Despite concerns of some people, economic indicators remain strong:

  1. Real GDP Growth for Q4 2014 was 2.4%
  2. The Toronto Employment Growth for January 2015 was 1%
  3. The Toronto Unemployment Rate for January 2015 was 1%
  4. The Bank of Canada overnight rate in February 2015 was 0.75%
  5. The Prime Rate in February 2015 was 2.85%
  6. We are expecting even lower mortgage rates this spring

Good news all around!              

 

Home sales were up by 11.3% last month in comparison to February 2014.  The average selling price was up by 7.4% compared to last February.

 

Home Market Indicator

                    Feb. 2015                 Feb. 2014                 % Change

Sales                                                  6,338                        5,696                               +11.3%

Average Price                                   $596,163                   $552,859                 +7.8%

Source: Toronto Real Estate Board, Jason Mercer

 

"The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for

sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Regards,

 

 

Roger Gallibois, B.Sc., P.Eng.                              

Broker/Owner                                                         



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Toronto Real Estate Board - IDX Last Updated: 8/18/2017 6:34:31 AM