A FAST-PACED FEBRUARY: WHAT’S HAPPENING IN THE MARKET?

February 2020 proved a fast-paced month for Toronto real estate and it’s only predicted to move faster. The pace remained in line with the forecast and displayed a very strong year-over-year price and sales growth. The staggering growth in residential transactions increased by 45.6 per cent compared to sales in February 2019. Although, February 2020 sales still remained lower than those recorded in February 2017.

Following the preliminary seasonal adjustment, February 2020 sales surpassed those sales reported in January 2020 by 14.8 per cent– displaying positive momentum while we head into the 2020 spring market. The number of new listings increased by 7.9 per cent year-over-year to 10,613 compared to February 2019, reiterating the tightening of market conditions we’ve seen over the past year.

As market conditions continue to tighten, homebuyer competition has increased as well which has resulted in a further acceleration in price growth year-over-year. The average sale price for all home types was up by 16.7 per cent to $910,290 and the MLS Home Price Index Composite Benchmark was up by 10.2 per cent.

As the 2020 spring market approaches, let us help you navigate the move that’s right for you! Contact us today and we can help you achieve your 2020 real estate goals.