Here's what happened in the GTA's real estate markets in February 2017

08 March 2017
Life and the City

February was quite the amazing month for real estate!

Here are some highlights:

* Highest ever number of overall sales for the month of February
* Highest ever ratio of sales-to-listings for the market overall in any month AND the highest ever for the downtown condo markets
* Active listings were down 50% to their lowest ever for the month of February. It wasn’t uncommon for there to be 16-20,000 listings in February in the past
* Most condo sales ever for the month of February
* 27.7% average sale price increase from February 2016 average
* Get this… an unprecedented jump of over $100,000 in the average sale price between January 2017 and February
* Ratio of sales-to-listings for the overall market was 148.4% vs 70% in 2016 BUT the downtown condo market saw dramatic increases too… C01 rocked it with 125.9% this year vs 38% in 2016 and C08 came in at 119.4% vs 48% last year
* The GTA real estate market posted the lowest days-on-market ever at 13
* First-time buyer aspirations now shifting to a condominium lifestyle – I’m predicting a much higher demand for 1 + den and 2-bedroom suites to accommodate small families. This is borne out by the February ratio of condo townhouse / high-rise suite sales to the overall market being the highest ever for the month at 36.3%
* Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets ranged 16% to 20% year-over-year and the condo days-on-market number was half of one year ago

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Take a look at the infographics below to discover overall market stats, as well as stats for districts throughout the GTA, and watch the video at the bottom of this post for even more insight. This interactive map identifies the area that each district covers. Feel free to reach out to us if you have any questions regarding these stats, or if you want to learn more about current stats in your own neighbourhood!

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All Districts

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Downtown Condos

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North-Central Districts

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South-Central Districts

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East Districts

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York Districts

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Watch the video below for RE/MAX Hallmark's February 2017 Market Report: