In February sales were up 45.5% compared to last year with 7,256 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suite sales were up by 27.5% with a 33% share of the market and 2,392 units being sold.
The February average sale price for all GTA homes came in at $910,290, up 16.7% from one year ago.
The active listing inventory is one of the strongest indicators of how slow or fast the market has been moving. The inventory average for the month of February compared to historical numbers was lower by a huge 33.6% compared to last year at this time.
This inventory imbalance is causing price increase in many, but not all, GTA districts.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
In February that ratio finished at 82.3% - almost 45% above last year and a continuation of what we saw in January 2020. This is an indication of a continuing strong, steady market as we start into the 2020 spring market.
The days-on-market average for GTA / Toronto homes was 23 days, 7 days faster than January.
Here’s a snapshot summary of the significant real estate milestones for Toronto in February 2020… with the highest appreciation rate we’ve seen since March 2018!!
- February sales up 45.5% compared to last year (7,256)
- The ratio of sales-to-listings jumped up to 82.3% in February – an extremely busy seller market
- The February average sale price came in at $910,290 – up a positive 16.7% compared to last year AND the HIGHEST monthly average price we’ve ever seen!!!
- This is continuing the market momentum we’ve seen since last September
- The GTA real estate market overall averaged 23 days-on-market
- Detached home sales in February 2020 with a purchase price over $2,000,000 were up 130% (232 houses) while condo apartment sales over $2M increased by 100% (20 suites) compared to February 2019
- The CONDO share of the market was down slightly to 33% during the month
- Downtown condo active listing numbers were down a modest 14.1% in C01 and lower by 13.1% in C08 from last year at this time
- February condo sales were up by 31% in C01 and increased in C08 by 8.5% compared to 2019
- The downtown condo days-on-market average was 17 days – 6 days faster than the overall market
- The ratio of sales-to-listings for condos downtown was massively higher in C01 (90.2%) but flat in C08 (73.4%) – They mirrored the overall market (82.3%).
- Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 10.6% to 19% year-over-year… highest that we’ve seen all this year.
- Sales numbers have now increased in many 905 neighbourhoods with February bringing double-digit appreciation to detached, townhouse and condo apartments in the 905.
- With the continued market momentum we’ve seen in February, we can confidently expect 2020 sales numbers and prices this spring to increase as we progress into the typically busy March through May/June time frame, mainly due to increased demand and lack of supply.
Watch the video to get the complete February 2020 Market Report details.
Here's the complete text version of the February 2020 Toronto Real Estate Market Report to read.
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