Housing demand surges across GTA
Statistics were just released by TREB for the first two weeks of February. The average sale price was $491,493, up about 9% over the same period last year. 3,206 homes were sold in this period, a figure that’s also up about 9%.
Low mortgage rates were on many buyers’ minds during this period. The 2.99% rates advertised by several banks may not last for long, though most observers expect generally low rates to continue through the year.
More listings expected this spring
On average, sellers in early February received 99 per cent of their asking price and their homes were on the market for an average of 25 days. “Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. Mercer has been pointing out that an increased supply of listings this year will help to flatten out the competitive pressures that push sale prices up.
If you would like to sell your home in this spring market, email us, or call James or Joanne at 416-483-8000.