Greater Toronto Area Report February 2020
Steve Moran, Remax
Toronto home activity soared in February, with buyers pushing up the average residential sale price as they competed for houses in a market with barely adequate supply.
Home sales in the Greater Toronto Area increased 46 per-cent over February last year, when activity hit a decade low because of stricter mortgage rules and a foreign buyer tax.
Sales growth in excess of listings growth is once again the norm which is driving home prices higher. The low supply made it harder for buyers to find a home and prompted another month of hectic activity with properties receiving multiple offers above the asking price. The average sale price of a home jumped 17 percent in February from a year ago to $910,290.
There were double-digit percentage price increases across all home types, with the biggest increase in the condo market.
Looking forward, we believe the spring market will be very active based on pent-up demand in a market that is already tilted in favour of sellers.
If you are interested to purchase a home, you need to meet with a lender to lock in lower rates. I'll be happy to facilitate an introduction to a lender or mortgage broker.
Contact me at 416-949-1684 or visit http://www.stevemoranhomes.com.
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