The GTA Saw 11.4B in Residential Sales in February, It’s Biggest Month Ever

February was a record-setting month for the Greater Toronto Area (GTA) housing market for a number of reasons.

Case in point: A record number of home sales were recorded and the average price — across all home types — eclipsed the $1-million mark for the first time in history.

According to the Toronto Regional Real Estate Board (TRREB), 10,970 homes changed hands in February — a 52.5% increase compared to 7,193 sales reported in February 2020 — which was fuelled by 4,943 detached home sales in the 905-area outside of Toronto — a growing trend as homebuyers continue to look for more space as they work from home.

This came as the average selling price for all home types in the GTA was up 14.9% to $1,045,488. While market conditions were tight throughout the GTA last month, the detached, semi-detached, and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20% in all three cases.

But perhaps most notably, February was a record-breaking month for the most GTA residential sales volume sold on the MLS, for any month ever, with $11,468,007,390 in sales recorded.

The rebound in activity is being driven by the sales of single-family homes outside of large city centres.

The sort of dynamics we’re seeing could be the early signs that the market is heating up: much more frantic activity, much more fear of missing out, and accelerating prices. That could start to feed on itself, if speculators start to get into the game because they’re making let’s-see opportunities for quick money. But there are certainly some dynamics that are worth monitoring very closely.

That being said, hopefully, in the months to come, prices will begin to cool in the interest of keeping the market stable.

Reference: https://cutt.ly/0zgSbmv