Posted 3.17.15 @ 13:54
If you’ve been following our blog regarding the latest trends in real estate news, then you might already have some idea about this. Late last year, as the weather was getting colder, we’ve shared reports of how the real estate scene in Toronto just keeps getting hotter – and that can’t be truer today as we share another update on Toronto’s real estate.
The Big Million Mark
Late 2014 and early 2015 marked the time when the average house prices of homes sold in the Greater Toronto Area begun steadily climbing up, fueled by increased demand. Now, its official! The average price of a detached home in Toronto has passed the million dollar mark!
Actually, the prices did climb up to past a million on April of last year but it was only for a brief period. Since then, the figures hovered at a little less than that and tantalizingly just a few hundred dollars less than the big M by year’s end.
So what tipped the prices past the magic mark? Well, every year, the demand for houses usually increases a bit around February, as people prepare for spring. This increased demand for detached homes coupled with very limited supply fueled the bidding wars which drove the prices up.
Just What the Market Dictated
TREB’s director of analysis Jason Mercer says that on February, the available detached homes fell to 8.7% less than the usual numbers, making buyers simply want to close deals as fast as they can. In fact, despite the winter of 2014 to 2015 being one of the harshest in recent years, about 6,338 condos and houses were sold in February, a significant rise compared to the 5,696 sold just a year ago according from TREB’s data. Estimates place detached home sales across GTA to have increased by 13.9% this year, with the 416 region reflecting figures of as much as 16.9% increase.
With the increases mentioned above, it is no surprise that the average sale price of detached homes in Toronto for the month of February 2015 netted at about $1.04 million, and might further increase as we head on to spring. The indicator for this? Houses are staying on the market for shorter period of time (just 24 days!), meaning more buyers are grabbing what’s available as soon as they can.
It is not just the detached houses which are enjoying an increase in both sales and prices. Condos and townhouses are in high demand as well. As a matter of fact, condos reflected a 10% increase in demand for this time of the year compared to a similar period last year as more people clamor to purchase their dream homes in the Greater Toronto Area and nearby communities.
Truly, the comfort of owning a beautiful home near major highways and with access to fantastic community amenities remains as everyone’s dream and ideal, no wonder Oakville homes are in high demand!
Want to tap the market while it’s hot? Then choose Oakville! Oakville has plenty of beautiful luxury homes to suit everyone’s taste. Don’t wait until the home you’ve been eyeing gets purchased by someone else. Hurry up and be one of the first to contact us for a home viewing today!