The Market in February – Last month saw homes across the GTA sell fast. February sales were up by 45% year-over-year (and up nearly 15% from January). The average sale price across the GTA was $1,485,304, that’s 16.7% more than February 2019.
What’s surprising is that most homes sold for just a little over the asking price. Clearly, agents have quickly adapted to the current market and are advising their sellers to list at a high price and capitalize on the lack of inventory. Of course, there were some exceptions, for example at the lower-end in East Toronto.
TREB’s current forecast is for 10% price growth to $900,000 in 2020. However, Chief Market Analyst, Jason Mercer, warns that if the current conditions persist long-term, the market could be poised for even greater price growth. What we don’t know is if the coronavirus will be a factor, and if so, for how long.
As always, I monitor the market closely and am ready to offer my advice on your best path forward. As it stands today, buyers and sellers are still very active. There are many who desperately want into the market….this may be an opportunity.