Your Weekly Toronto Real Estate Snapshot: Feb 5 – Feb 11, 2020

extreme cold
@ashtontekno/Instagram

It has been another strong week for sales in the Greater Toronto housing market, with double-digit – and in some cases, triple – percentage increases noted for almost every home type in both the City of Toronto and 905 markets, indicating the winter doldrums have officially thawed and we are well on our way for sizzling conditions this spring.

A total of 83 detached houses sold in the 416, up a whopping 177% from the same week in slower January, and up 77% from 2019. They performed similarly in the 905 with 415 sold, up 133% month over month and 85% year over year. Demand for semi-detached houses was also up strongly in the short term with 17 Toronto sales, a 240% m-o-m increase, though -11% below last year’s levels. In the 905, a total of 76 sold, up 11% m-o-m and 53% y-o-y.

Multi-family housing types also continued to drive market growth as rising home prices fuel demand for the most affordable options. There were 14 townhouse transactions in the 416, up 40% m-o-m and 100% y-o-y, while 56 sold in the 905, up 56% m-o-m and 93% y-o-y. Condos for sale in Toronto saw the most action of any home type in the city with 166 transactions, up 77% m-o-m and 61% y-o-y. In the 905, 253 sold, up 73% m-o-m and 54% y-o-y.

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