TREB Market Watch February Highlight

This has been a long and cold winter in Toronto Area.  However, the property market has not faltered due to the inclement weather as indicated in TREB February market data.

Some highlights from Market Watch:-

- there were 5,731 resales in February, about 2% more than February 2013;

-average home sale price in February was $553,193.  It was $509,396 12 months ago;

- compared to last year, there were less new and current listings.  It is continued to be a seller market;

- average detached homes and townhouses appreciated about 11% in price.  Prices of detached and townhomes in '416' area raised by nearly 16% annd 21%, respectively.

"... Home prices, on average, will trend upwards at a pace well-above the rate of inflation.  The impact of strong price growth and affordability by low borrowing costs,"  Jason Mercer, TREB's Senior Manager of Market Analysis.

For more, please visit TREB website.