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:
- Real GDP Growth for Q4 2014 was 2.4%
- The Toronto Employment Growth for January 2015 was 1%
- The Toronto Unemployment Rate for January 2015 was 1%
- The Bank of Canada overnight rate in February 2015 was 0.75%
- The Prime Rate in February 2015 was 2.85%
- 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.
Roger Gallibois, B.Sc., P.Eng.