🏠GTA Real Estate Market Report For February 2020
Toronto home sales in February up 45.6 per cent from year ago, TRREB says GTA REALTORS® RELEASE FEBRUARY STATS February 2020 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, TRREB 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 TRREB’s MLS® System in February 2020, representing a 45.6 per cent 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 ground-oriented home types. After preliminary seasonal adjustment, February 2020 sales also exhibited positive momentum, up by 14.8 per cent compared to January 2020. New listings amounted to 10,613 in February 2020, a 7.9 per cent 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 per cent. The average selling price for all home types combined was up by 16.7 per cent to $910,290. Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments. Link to multiple market reports for the GTA Real Estate Market: https://www.mississaugahomelistings.c... Link to Toronto market report for January 2020: https://www.mississaugahomelistings.c... HOME PRICES ARE UP 15.4% Link to FIND OUT HOW MUCH YOUR HOME IS WORTH: https://www.mississaugahomelistings.c... Link to GET YOUR MORTGAGE PRE-QUALIFICATION INSTANTLY! https://www.mississaugahomelistings.c... To calculate months of inventory, follow these steps: Identify the number of active listings on the market within a certain time period. ... Identify how many homes were sold or pending sale during that same time period. Divide the active listings number by the sales and pending sales to find months of supply. How do months of inventory impact real estate clients? Months of inventory are often referenced when determining whether it’s a seller’s market or a buyer’s market: If there are 0-4 months of inventory, meaning that all current listings can expect to be sold within 4 months, it is considered a seller’s market because houses are selling very quickly. In a seller’s market, sellers have the advantage because demand for property exceeds supply. If there are 5-8 months of inventory, it is considered a balanced market. Current listings aren’t selling like hotcakes, but they’re not staying on the market too long either. If there are 9 or more months of inventory, it is considered a buyer’s market because houses are selling slowly. In a buyer’s market, buyers have more negotiating power than sellers do because the supply of listings exceeds the current demand for housing. These timelines are approximate, but it is generally accepted than fewer than 6 months of inventory reflects good conditions for sellers whereas greater than 6 months of inventory represents optimum conditions for buyers. RE/MAX Real Estate Centre Ricardo Medeiros Sales Representative 141-1140 Burnhamthorpe Rd W Mississauga, ON L5C 4E9 Direct: (416)-854-1325 SoldByRicardo.ca #realestate #marketupdates #realestatemarketstats #remaxrealestatecentre #gtarealestate #realtor #soldbyricardo #sellwithricardo #buywithricardo #mississaugarealestate #oakvillerealesatate #miltonrealestate #torontorealestate #bramptonrealestate #oakvillerealestate #yousaysellisaysold #realtor #realestatescripts #realestateagent #realestatelisting #morelistings #getmoresales #realestate #realestategoals #gtarealestate #gtarealtor #torontorealtor #torontobroker #gtabroker #househunting #firsthome #homeforsale #investment #realtor #realestateagent #realtorlife #homeseller #homebuyer #soldbyricardo #sellwithricardo #buywithricardo #homesearch #remaxrealestatecentre #realestate #mississaugarealestate #gtarealestate #oakvillerealestate #torontorealestate #detachedhouse #luxuryhomes #condosforsale
Toronto home sales in February up 45.6 per cent from year ago, TRREB says GTA REALTORS® RELEASE FEBRUARY STATS February 2020 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, TRREB 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 TRREB’s MLS® System in February 2020, representing a 45.6 per cent 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 ground-oriented home types. After preliminary seasonal adjustment, February 2020 sales also exhibited positive momentum, up by 14.8 per cent compared to January 2020. New listings amounted to 10,613 in February 2020, a 7.9 per cent 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 per cent. The average selling price for all home types combined was up by 16.7 per cent to $910,290. Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments. Link to multiple market reports for the GTA Real Estate Market: https://www.mississaugahomelistings.c... Link to Toronto market report for January 2020: https://www.mississaugahomelistings.c... HOME PRICES ARE UP 15.4% Link to FIND OUT HOW MUCH YOUR HOME IS WORTH: https://www.mississaugahomelistings.c... Link to GET YOUR MORTGAGE PRE-QUALIFICATION INSTANTLY! https://www.mississaugahomelistings.c... To calculate months of inventory, follow these steps: Identify the number of active listings on the market within a certain time period. ... Identify how many homes were sold or pending sale during that same time period. Divide the active listings number by the sales and pending sales to find months of supply. How do months of inventory impact real estate clients? Months of inventory are often referenced when determining whether it’s a seller’s market or a buyer’s market: If there are 0-4 months of inventory, meaning that all current listings can expect to be sold within 4 months, it is considered a seller’s market because houses are selling very quickly. In a seller’s market, sellers have the advantage because demand for property exceeds supply. If there are 5-8 months of inventory, it is considered a balanced market. Current listings aren’t selling like hotcakes, but they’re not staying on the market too long either. If there are 9 or more months of inventory, it is considered a buyer’s market because houses are selling slowly. In a buyer’s market, buyers have more negotiating power than sellers do because the supply of listings exceeds the current demand for housing. These timelines are approximate, but it is generally accepted than fewer than 6 months of inventory reflects good conditions for sellers whereas greater than 6 months of inventory represents optimum conditions for buyers. RE/MAX Real Estate Centre Ricardo Medeiros Sales Representative 141-1140 Burnhamthorpe Rd W Mississauga, ON L5C 4E9 Direct: (416)-854-1325 SoldByRicardo.ca #realestate #marketupdates #realestatemarketstats #remaxrealestatecentre #gtarealestate #realtor #soldbyricardo #sellwithricardo #buywithricardo #mississaugarealestate #oakvillerealesatate #miltonrealestate #torontorealestate #bramptonrealestate #oakvillerealestate #yousaysellisaysold #realtor #realestatescripts #realestateagent #realestatelisting #morelistings #getmoresales #realestate #realestategoals #gtarealestate #gtarealtor #torontorealtor #torontobroker #gtabroker #househunting #firsthome #homeforsale #investment #realtor #realestateagent #realtorlife #homeseller #homebuyer #soldbyricardo #sellwithricardo #buywithricardo #homesearch #remaxrealestatecentre #realestate #mississaugarealestate #gtarealestate #oakvillerealestate #torontorealestate #detachedhouse #luxuryhomes #condosforsale