Market Report for February 2015 strength, virtually across the board.

March 4, 2015 - Realtors® in Toronto and the Greater Toronto Area today released the residential resale market statistics for the month of February, 2015, reflecting - with apologies for sounding like a "broken record" - continued strength, virtually across the board.

Overall, including all home types in all TREB market areas, the total number of sales rose 11.3% to 6,338 units. The average sale price of those units was up 7.8% to $596,193. The strongest sector was Detached homes in both Metro Toronto and the broader GTA. Unless otherwise noted, all figures are "year-over-year" - the best measure given the seasonal fluctuations of residential real estate in particular.

In Metropolitan Toronto, sales of Detached homes rose 16.9% to 774 on the month at an average price of $1,040,018, up 8.9%. This the first time that the average sale price of Detached homes in Toronto has topped the million dollar mark in a calendar month. In the balance of the GTA, 2,271 Detached homes sold, up 12.9%, at an average price of $694,285, up 8.5% versus February, 2014.

Condo Apartment resales were also robust, though average sale prices were "mixed". In Toronto, 1,153 sales represented a 12.4% increase at an average price of $369,655, down 0.9%. In the rest of the GTA, 482 units changed hands, up 4.6%, at an average sale price of $322,055, up 10.9%.

Sales of Freehold Townhomes were strong in both areas, though the average sale price fell 7.0% in Toronto [to $507,843], but rose 8.0% in the rest of the GTA [to $433,127].

As has been the case for a long time - contributing greatly to strong price growth - the available supply of listing inventory remained relatively tight with the Total Available Listings figure falling 8.7% to 12,793 compared to the year-earlier total. Dividing this Available Listings figure by the Total Monthly Sales figure of 6,338 gives us an indicated "Forward Inventory" of just 2.02 months.

"The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned," said Jason Mercer, Director of Market Analysis, Toronto Real Estate Board.

Resale homes "sold 7.7% faster" this February versus last February at 24 days on the market ["DOM"] compared to 26 days one year ago.

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