Well, this happened! Both Toronto and Burlington saw the Average Selling Price increase to just over $1 million. Sales were up into the double digits, and again low supply made the market extremely tight. Multiple offers were in high gear for the GTA and the GTHA. We continue:
BURLINGTON MARKET RESULTS
The Realtors® Assocation of Hamilton-Burlington reported an increase of 28% in sales activity when compared to February 2020. Interesting to note that the Active Listings at the end of February was down by an incredible 44%.. As tight market conditions remain in place Burlington saw the Average Selling Price clime to $1,067,867 - a 27% increase from last year at the same time,
RHAB President Donna Baker had this to say, "There are several pandemic related factors which have contributed to the high demand for housing combined with the low supply levels we have experienced in our market area. As we recover from these ultra low inventory numbers, buyers should start to see more selection and a bit less competition. Additonally, new listing numbers should stay strong and inventory levels should continue to increase to a more normal level as more of the RAHB market area moves out of lockdown and control zones." For your full Burlington report please click here.
G.T.A. MARKET ANALYSIS
"It's clear that the historic demand for housing experienced in the second half of last year has carried forward into the first quarter of 2021 with some similar themes, including the continued popularioty of suburban low-rise properties. It's also evident that the supply of listings is not keeping up with the demand, which could prevent a even larger problem once population growth picks up following widespread vaccinations later this year and into 2022," said TRREB President Lisa Patel.
The GTA experienced record home sales in February, with strong growth in the suburbs surrounding the City of Toronto. Sales, when compared to the same time last year, increased by 52.5%. The condominium apartemnt segment led the way with a 64% sales increase. The Average Selling Price increased by 14.95 to $1,045,588. The detached, semi-detached and townhouse market segments in suburban areas were the drivers of the average price growth. For your Peel Region report please click here
Jason Mercer, TRREB Chief Market Analyst, had this to say about the condominium market, "If we continue to see growth in condo sales outstrip growthin new condo listings in Toronto, renewed price grwoth in this market segment is a distinct possibility in the second half of the year."
OAKVILLE FEBRUARY RESULTS
The Oakville, Milton and District Real Estate Board reported an increase in both sales and the number of new listings. "With the makret remaining strong in Oakville, Milton and surrounding areas, we are still seeing a clear supply and demand issue in the housing sector for Halton. Couple this with the increasing popularity and desire to live in these areas, and even though the amount of new istings is rising, it is still not keeping up.", says OMDREB President Lynn Hoffmann.
For homes processed through the OMDREB MLS® system, the number of days on the market until sale dropped nearly 62% in February 2021. For townhomes and condos, days on the market also dropped by over 14% compared to February of 2020. The Average Selling Price In Oakville rose to $1,857,336 and in Milton, $1,298,922 up 36.1%. For the towhouse/condo market in both areas - the prices rose to $977,661 and $811,560, respectively. For the full report on both Milton and Oakville areas please click here.