Market Update: February 2020
Let’s dig into some numbers from February 2020! If you weren’t already aware, the market here in the GTA is RED hot!
February brought us a total of 7,256 sales. This was 45.6% compared to last year! That’s not a typo…
All major home types had increases in sales. The condo segment had the lowest increase of 24.8%!! The detached segment had close to a 62% increase from February last year.
Average sales price was $910,290, 🆙 16.7% from Feb 2019.
All major home types also had increases ⬆ in average sales prices. The semi-detached segment, however, had the most modest gain with only a 4.5% increase.
Average prices:
👉🏻 Condo = $666,358
👉🏻 Townhome = $731,081
👉🏻 Semi-detached = $872,821
👉🏻 Detached = $1,113,918
One of the main drivers for the increases in sales and average prices is lack of inventory. We are down 33.6% compared to February 2019.
Another factor is our low interest rates. With the government’s latest announcement that they are cutting rates by a half percent, expect this already hot market to heat up. If you’re still on the fence about selling, it’s probably time to make the leap and list your home! We need the inventory!
