Have a Million dollars? Well that’s what you now need if you want to purchase a detached home in Toronto. Crazy, I know! Year over year, sales have increased by 16.9% and despite the frigid weather this past February the average price for a detached home jumped over the $1 Million mark.
In general, prices were up by 7.8 % in February across the GTA for both homes and condos with an average sales price of $596,193. Demand for housing in the city combined with a shortage of listings continues to fuel the market and the bidding wars we are seeing. Average days on market, or DOM as we call it has dropped from 26 days to 24 days in February. We haven’t even hit the spring market yet, either.
If you are looking to buy or sell in the upcoming market, contact me![contact-form]