Toronto Real Estate Prices See Huge Jump in February

Real Estate News / Friday, March 6th, 2020

By: Zoocasa

It now costs almost $1.5 million to buy a detached house in Toronto — and over $2.1 million if you exclude Etobicoke and Scarborough – according to the February data from the Toronto Regional Real Estate Board’s (TRREB).

Prices for single-family houses for sale in Toronto grew 14.4% this February from the same time period in 2019 to $1,485,304, while condo unit prices increased a whopping 18% to $722,675. 

“As market conditions tightened over the past year, competition between buyers has clearly increased,” TRREB reports. “This resulted in a further acceleration in year-over-year price growth in February.”

For the last two years or so, since the Ontario Fair Housing Plan was announced in April 2017 and since tighter mortgage lending rules came into effect in January 2018, expensive detached houses were in somewhat of a slump, with prices ranging between a range of -2% to 2% from month to month. But now buyers appear to have gotten their confidence back and expensive detached houses are back in demand. 

The market is also firmly in sellers territory with a sales-to-new-listings ratio of 63%. In February, 2,477 MLS listings in Toronto were sold in the City of Toronto, with a total dollar volume of $2,450,294,215 — an increase of 55% year over year, at an average price of $989,218 per property. Year-over-year sales also increased 31% within the 416, up from the 10-year low the market slumped in last year. 

Now, however, it appears the market is on fire, and is likely to stay that way through 2020, especially as new developments in the mortgage market could spell cheaper financing for home buyers; the recent Bank of Canada rate cut and upcoming easing of the stress-test will only make it cheaper and easier for prospective buyers to jump in the market, further fueling the flames. 

Check out the infographic below for more details:

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