February Market Results indicate it was an interesting month as sales for most areas increased along with an
increase in the number of new listings on the market. FYI, the first 2 weeks in March show a strong growth in the number of listings, in some areas. Here are your results for the GTA, Oakville, Milton and Burlington areas:
BURLINGTON FEBRUARY RESULTS
"The RAHB market was quite active with a signficant increase in the number of sales compared to last month and the same period (February) last year. We experienced similar activity at the beginning of 2016, which was one of our busiest markets on record." sayd RAHB President Kathy Dell-Nebbia. Burlington saw an increase of 18% in the number of sales. However, an increase of only 1% in the number of new listings when compared to February of last year. That means, a number of multiple-offer situations arose as buyers bid on the same house. The Average Selling Price also increased by 23% over the same period last year. For your full market report, please click here.
OAKVILLE & MILTON MARKET STATS
According to figures released by OMDREB, the number of all property sales increased drastically in February compared to the same period in 2019. There was also a significant increase in the number of listings in the Oakville area - 76.42%. Milton saw a slight decrease of 9.23%. "Buyers moved on this more readily available segment of the market, all of which bodes well for the dream of home ownership, just 2 months in, with reduced interest rates and recently revised mortgage rules, our local real estate market continues to show signs of buyer confidence, driving home construction and real estate investment." noted Board President Richard Weima. The average selling prices for both Milton and Oakville increased - 9.15% and 29.48%, respectively. For your Milton results click here and for Oakville, click here.
G.T.A. MARKET RESULTS
In line with the forecast contained in the TRREB recently released Market Year in Review and Outlook report, President Michael Collins announced a very strong year-over-year sales and price growth in February 2020.
GTA Realtors® reported 7,256 residental sales for the month of February, an increase of 45.6% The number of new listings amounted to a 7.9% increase over 2019. This means that market conditions tightened considerably over the past year. As market conditions tighten competition between buyers has clearly increased. The Average Selling Price was up by 16.7% over the same period last year to $910,290. Double-digit price growth was experienced for most major market segments, including detaached houses and condominium apartments.
For your full report for the GTA, please watch the video below. For your Peel regional report, please click here.