February Market Stats is here and boy is it a sizzling one!
February 2020, represented a 45.6 per cent increase compared to a 10-year sales low in February 2019. However, February 2020 sales were still below the 2017 record result. Year-over-year sales growth, for the GTA as a whole, was strongest for ground-oriented home types.
As market conditions tightened over the past year, competition between buyers has clearly increased. This resulted in a further acceleration in year-over-year price growth in February. The average selling price for all home types combined was up by 16.7 per cent to $910,290. Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments. TREB’s current average price forecast is for 10 per cent price growth to $900,000 in 2020. While this outlook represents a very robust pace of growth, it is possible that further tightening in the detached market segment could push the overall average selling price above TREB’s baseline scenario. This could unfold if sales growth continues to outstrip new listing growth to the degree it has so far in 2020