Whether you are buying or selling a house, it is important to know the current real estate market trends and the market performance to make the right decision. So here is the real estate market update for the month of February 2020.
As per the Greater Toronto Area REALTORS® report, the total number of transactions for the month of February 2020 is 7256 which indicates a 45.6% increase compared to a 10-year sales low in February 2019.
Compared to January 2020, February 2020 sale is up by 14.8% after the preliminary seasonal adjustment. New listings amounted to 10,613 in February 2020, a 7.9% increase compared to February 2019.
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.
Year-Over-Year Summary :
The overall average selling price in February 2020 is increased by 16.7% with an average of $910,290 which was $779,791 in February 2019.
Area wise :
Apart from the overall real estate market trend, it is important to know the area wise trend as well to invest in the right place.