Toronto's real estate market quietly hit a big milestone last month. The average price for a home in the Greater Toronto Area passed the $500K mark for the first time ever reaching $502,508K.
Below is a chart showing the average house price for homes in the GTA over the past eight years.
The average price for a home in the GTA in January 2004 was $295,989 leaving homeowners who bought then with a very nice profit.
The number of homes available for sale in February was up just 1% over last year.
Record low interest rates are fueling the strong demand we are seeing in Toronto's real estate market. The number of homes sold was up 12% in February over the same month in the previous year.
The strong demand pushed Toronto's real estate market further into seller's market territory. The sales-to-inventory ratio increased to 48% last month.
John Pasalis is the President and Broker-Owner of Realosophy Realty Inc. Brokerage in Toronto. A leader in real estate analytics and pro-consumer advice, Realosophy helps clients buy or sell a home the right way. Email John
March 12, 2012Market |