With 2% more sales transactions in February we have seen a moderate uptick in Toronto real estate sales activity over February last year. The sales increase was largely driven by resale condominium apartments. New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained.
The average selling price for February 2014 sales was up by 8.6% compared to February last year.
“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year. Home prices, on average, will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Mr. Mercer, market analyst of the Toronto Real Estate Board.
Urs provides real estate services in the Toronto West End
