In February of 2016, there were 7,621 transactions in the Greater Toronto Area, a 21.1 per cent increase over last February.
“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010,” said Mark McLean, the president of the Toronto Real Estate Board, in a press release. “Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000.”
The average selling price of a home in Toronto also increased by 14.9 per cent, to $685,278. In the 416 area code, the average selling price was $719,843, while in the 905 area code, the average selling price was $665,100.
Jason Mercer, the Director of Market Analysis for the Toronto Real Estate Board, said that, “Recent polling conducted for TREB by Ipsos suggested that GTA households will remain upbeat about purchasing a home in 2016. Early sales results for January and February certainly support this view. With strong sales up against a constrained supply of listings, home prices continued to trend strongly upward.”