President's Award 2016, 2017 2018, 2019
TORONTO, MARCH 4, 2020 – In line with the forecast contained in the Toronto Regional Real Estate Board’s recently released Market Year in Review and Outlook Report, TREB President Michael Collins announced a very strong year-over-year sales and price growth in February 2020.
Greater Toronto Area REALTORS® reported 7,256 residential transactions through TREB’s MLS® System in February 2020, representing a +45.6% increase compared to a 10-year sales low in February 2019. However, February 2020 sales were still below the 2017 record result. Year-over-year sales growth, for the GTA as a whole, was strongest for freehold home types. After preliminary seasonal adjustment, February 2020 sales also exhibited positive momentum, up by +14.8% compared to January 2020.
New listings amounted to 10,613 in February 2020, a +7.9% increase compared to February 2019. This moderate annual growth rate was much smaller than that reported for sales, which means market conditions tightened considerably over the past year.
As market conditions tightened over the past year, competition between buyers has clearly increased. This resulted in a further acceleration in year-over-year price growth in February. The MLS® Home Price Index Composite Benchmark was up by +10.2%. The average selling price for all home types combined was up by +16.7% to $910,290. Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments.
As a realtor, it is our fiduciary duty to protect the interests of my clients. One of which that I often do is to find out the possible grow-op history of the house that my clients are interested to purchase. This is by far one of the biggest concerns that most home buyers have. I want to share the below links with you to help you to identify a grow-op and the locations of those published grow-op online. If you like the info., please share with your friends and families.
As a realtor, we may refuse to answer this question because it is difficult to fulfill the answers for different buyers. But we must be fair, honest and maintain our intergrity if we choose to answer the concern from buyers. Click here to find out how we can help to address your concerns.