Toronto Market Update for February 2018

14 March 2019
Life and the City

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Toronto home sales were down last month in February, while prices continued to rise, as a result of very low inventory available on the market.

Sales prices rose 4.1% year-over-year in February to an average of $840,211 across all property types, despite the snow and ice that played a factor in keeping the number of listings low. There were 1,879 sales, representing a 6.6% decrease compared to the same month last year.

The largest price growth occurred in the condo and semi-detached home segments. The price of a semi rose 10.5%, averaging about $1 million. Condos also performed well with a 7.4% year-over-year price increase to an average of $612,488.

But prices for a detached home in Toronto increased by only 0.8% year-over-year, to an average of about $1.2 million, and the sale price of townhomes actually decreased, by 1.7%, to an average of about $765K.

While sales numbers were down, the number of new listings actually declined by a greater annual rate, suggesting that market conditions became tighter as compared to last year. The tighter market conditions continued to support this year-over-year average price growth.

Now, with the weather finally becoming more mild and spring-like, it's about that time of year when we begin we see more properties listed for sale - great news for inventory, and for buyers who have been waiting for the opportunity to find their perfect home.

See a snapshot for each property type in the gallery above, and a summary of last month's notable milestones for the Toronto and GTA real estate markets, below. 


Summary of significant real estate milestones for Toronto and GTA markets in February 2019


  • 2nd lowest number of February sales since 2001 (5,025), 18 years ago
  • The ratio of sales-to-listings was 37.8% in February – This is just barely into seller market territory
  • The average sale price came in at $780,397 – which was up just 1.6% compared to February 2018 – TREB is petitioning to the government to relax the mortgage ‘stress-test’ financing rules from one year ago which have seriously impacted our market
  • Note that this overall market average was 11% lower than 2 years ago in February 2017
  • Overall sales in the month were down 2.4% from one year ago
  • The GTA real estate market overall averaged the days-on-market at 25 – the same as last year
  • Detached home sales in February 2019 with a purchase price of over $2,000,000 (101) were down 9% from last year (110)
  • Affordability considerations are now shifting the market more to a condominium lifestyle – CONDO sales took a 37.3% share of the total market
  • Downtown condo active listing numbers were flat in C01 and up in C08 by 34.5% from last year at this time
  • February sales were down 15.2% in C01 and higher by 13.6% in C08 compared to 2018
  • The downtown condo days-on-market average was 19-20 days – 5 days faster than the overall market
  • The ratio of sales-to-listings for condos downtown was closely matched in C01 (59.2%) and in C08 (58.8%) due to the increased listing inventory in C08 but still higher than in the overall market.
  • Building on this higher demand due to better affordability, condo appreciation in the two main downtown markets averaged 5.4 to 7.6% year-over-year… slower than at any time in 2018
  • Markets in York Region and other 905 neighbourhoods have suffered the most from the market slowdown – all York Region communities are continuing to show that they’re in serious ‘buyer market’ territory
  • Expect sales and inventory to pick up as we progress into the spring market in March through May/June where listings and buyers are most active - buyers should watch for more pricing opportunities to get the condo or house of their dreams.

 

We can help you understand how these market stats and current conditions may affect the property values in your specific area. Get in touch with us by filling out the form below!