Real estate sales in the GTA were up 21% from last year for the month of February says the most recent Toronto Real Estate Board housing market update. As multiple offers become more and more commonplace, sellers who effectively prepare, price and promote their property continue to get their asking price and more. The average sale price in the GTA spiked up to over $685,000 making for a 15% increase over last February’s average sale price of $596,320.
Mississauga and Oakville proved to be even more busy with an increase in sales for the past month of 28% and 40% respectively in comparison to the year before. The average sale price, on the other hand crept up just under 6% in Mississauga and 12 % in Oakville.
As expected, seizing the gold ring of homeownership and buying a detached home also cost more this February over last year. The average sales price in the GTA for a detached increased by 16% and landed at $909,761. West of the 416 saw an increase of just under 11% with detached homes selling at an average sales price of $889,524 in Mississauga and $1,171,571 in Oakville.
If you are considering selling or would like an updated valuation of your home I invite you to contact me. I would be happy to provide a comparative market analysis of your property. As always, our meeting is confidential and without cost or obligation to you.