Toronto Residential Home Prices Exceed the $1M Mark in February 2015
Thursday Mar 12th, 2015
If 2014 was considered a successful year in terms of Toronto Real Estate, then the first few months of 2015 are continuing and building on that trend. For the first time, the average price of a detached home in Toronto has surpassed the $1M mark. This is well above the average selling price in the GTA which was $694,285. All eyes are on residential homes and properties for sale in the Toronto market to see what will happen next.
There is a simple explanation for the rising prices and it’s not all bad news for buyers. Demand for Toronto detached homes remain high and listings are consistently dropping. These numbers are certainly great news for sellers, but for buyers the rise in pricing and the increased demand shows once again that Toronto real estate and Toronto residential homes, including different types of properties for purchase, are a solid investment that pays off over the long term.
Looking at some numbers, the average price of a detached home in Toronto in February 2015 was $1,040,018; semi-detached was $702,035; townhomes were $451,059 and condos were $369,655. These numbers reflect the desire to live in the city proper and the willingness to pay the price. Builders could be contributing to these numbers as they search for homes to rebuild on large lots. In general, the shorter commutes and city living is a huge draw to purchase all home types in Toronto.
The market is showing no signs of slowing down; in fact we have not reached the traditionally peak selling months of April to June. Many sellers of properties for sale have been hesitant to list and are staying in their homes longer. This helps explain the high demand for detached homes in Toronto, with sales up an unbelievable 16.9% and prices up 8.9% year over year.
The take home message here is that Toronto Residential Homes are in high demand but sellers are cautious. This caution is driving prices up but also keeping the Toronto market hot. Real Estate is once again proven to be the best investment you can make with the highest return for your money. As prices and sales continue to climb, the Toronto market and homeowners can only benefit.
Recognized in the top 1% of all Toronto Real Estate Board’s sales and properties sold in 2012 – 2014, Nancy Biderman is a Toronto Real Estate Agent providing extraordinary Full Service. Nancy has over15 years of respected Real Estate expertise. Her integrity, dedication to her clients' goals and overwhelming success is consistently rewarded with referrals to their families, friends, and associates. Nancy has also been awarded the Harvey Kalles Real Estate Ltd., Director's Circle accolade from 2000 - 2014.