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Toronto Real Estate Prices Rose $80,000 Last Month As Sellers Surged 78% Higher
Greater Toronto real estate is still a tight market, but all of a sudden it has a lot more inventory. Toronto Regional Real Estate Board (TRREB) data shows prices ripped higher in February. Positive price growth news didn’t just end there though, as the market actually saw annual growth accelerated. Oddly enough, this occurred as inventory levels improved dramatically. More inventory but higher price growth. That doesn’t happen often, and when it does it typically doesn’t persist long.
Toronto Real Estate Prices Soared $80k Higher Last Month
Greater Toronto new home prices are seeing growth accelerate even faster as inventory pressure releases. The price of a typical home across TRREB reached $1,340,000 in February, up 6.36% ($80,100) from a month before. Annual growth works out to 35.87% ($273,663) higher. Even with inventory improvements, the annual growth rate has reached a new record high, and with a massive monthly leap.
A typical home in the City of Toronto also made huge price advances, adding tens of thousands in just days. The typical home in Toronto reached $1,308,300 in February, up 5.28% ($65,600) last month. Compared to a year before, prices are now 27.38% ($215,616) higher. It’s worth taking note that a typical home in the City is now lower than the Greater Region’s price index. Price growth in the outer regions has outpaced the City for so long, it’s now more expensive to be in the 905.
Toronto Real Estate Sales Had The Second Best February Ever
Greater Toronto home sales ripped higher, as you might have expected from the rapid price growth. TRREB reported 9,097 home sales in February, up 61.41% from the previous month. Compared to last year, sales are down 16.76% from the previous year. It was the second most sales for February, only second to last year. By itself, this is a very large and impressive number generating significant economic activity.
Toronto Real Estate Sellers Are Greatly Outpacing Buyers
When Greater Toronto new home sales are contrasted to new inventory though, it’s a little less impressive. TRREB reported 14,147 new listings in February, up 77.30% from the previous month. Compared to last year, this number is only 6.60% lower. From the monthly perspective, new listings grew faster than sales, relieving pressure. On an annual basis, new listings fell slower than sales, once again meaning less pressure on prices to move higher.
