According to the latest from the Toronto Real Estate Board, Toronto home sales increased by 14.9 per cent in the first two weeks of February 2015 for a total of 3,120 sales.
“As households continue to take advantage of the great diversity of home ownership options in the Greater Toronto Area, home sales have continued to trend upwards,” said the president of the Toronto Real Estate Board, Paul Etherington, in a press release. “While home prices are higher compared to this time last year, borrowing costs are lower. Home buyers are still finding affordable options to meet their housing needs.”
In addition, the average selling price increased by 10.3 per cent to $602,110 over the first 14 days of February compared to the same time period last year.
With tight market conditions continuing to prevail in most parts of the Greater Toronto Area, especially where low-rise home types are concerned, it is no surprise that we continue to see strong competition between buyers leading to robust annual rates of price growth,” said the director of market analysis for the Toronto Real Estate Board, Jason Mercer.