{"id":15342,"date":"2018-02-15T15:32:13","date_gmt":"2018-02-15T20:32:13","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=15342"},"modified":"2018-02-15T15:35:40","modified_gmt":"2018-02-15T20:35:40","slug":"mid-february-gta-home-sales-see-dramatic-pick-up","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/mid-february-gta-home-sales-see-dramatic-pick-up\/","title":{"rendered":"Mid-February GTA Home Sales See Dramatic Pick Up"},"content":{"rendered":"

The start of the new year was icy indeed for real estate demand in the Greater Toronto Area, but that appears to be thawing fast as the first two weeks of February reveal booming month over month sales growth.<\/p>\n

Sales were up from January levels across all home types, though still trending between 33 \u2013 43 per cent lower than the same time\u00a0last year in the GTA, and 30 \u2013 56 per cent lower in the City of Toronto \u2013 a consistent trend in the months following the introduction of the Ontario Fair Housing Plan.<\/p>\n

The market remains largely balanced, as a flurry of new listings revitalize both buyers and sellers, who appear to be re-entering the market in droves.<\/p>\n

Check out the infographic below to see how mid-month February\u2019s sales and listings activity has changed since this time last year.<\/p>\n

Related Read: GTA January Real Estate Off to a Slower Start<\/a><\/strong><\/p>\n

\"toronto-home-sales-feb-2018-mtd-zoocasa\"<\/a><\/p>\n

Condos – Up and Running<\/h2>\n

The appetite for high-rise and multi-family housing is anticipated to lead the 2018 market, as new mortgage rules<\/a> limit affordability and qualification options for many prospective home buyers. While off to a relatively quiet start in January, the condo segment is now in full swing, with 92- and 96-per cent sales upticks in the GTA and City of Toronto, respectfully.<\/p>\n

While 33- and 56-per cent lower than the uber-hot conditions of February 2017, it\u2019s evident buyers currently seeking units are making serious forays into the market.\u00a0 There\u2019s also considerably more\u00a0new inventory to work with,\u00a0as new listings increase\u00a022 \u00a0and 27 per cent \u00a0compared to the first\u00a0two weeks of last month. This has led to continued balanced conditions in both the GTA and 416, at 40- and 42-per-cents.<\/p>\n

Townhouses \u2013 Steadily Growing Demand<\/h2>\n

Condo townhouses and rowhouses saw solid month-over-month recovery, with sales up 47 per cent in the GTA, and a whopping 70 per cent in the 416. Listings also rose moderately from January, with 13 per cent and 29 per cent more coming to market, effectively offsetting steeper sales activity and keeping the segment from entering sellers\u2019 territory. However, while softer than last year by 43 and 48 per cents in the GTA and 416 respectively, townhomes remain limited by much smaller available quantities, with only 293 brought to market this month in the total GTA region, compared to 1,277 condo units.<\/p>\n

Detached \u2013 Back with a Vengeance in the 416<\/h2>\n

Detached dwellings \u2013 by far the priciest segment, and the one that has seen the greatest softening due to new real estate rules \u2013 are off to a booming start this month, with sales up 179 per cent in the 416, and 34 per cent throughout the whole TREB region compared to January. While still 30 per cent below last year\u2019s scorching activity, it\u2019s clear buyers are navigating OSFI\u2019s new mortgage hurdles and, with preapproval in hand, are clamouring for what’s available.<\/p>\n

With 67 per cent more houses added to 416 inventory, it\u2019s also evident that sellers have shaken off the post-holiday blues, and are keen to drum up interest as buyers re-enter the market.<\/p>\n

However, this burst of new listings has countered new demand, keeping the detached segment\u00a0technically within a buyers\u2019 market, with ratios of 30 per cent in the GTA and 37 per cent in the City of Toronto.<\/p>\n

Related Read: These Toronto Neighbourhoods are now Buyers\u2019 Markets<\/a><\/strong><\/p>\n

Semi-Detached: Sales and Inventory on the Rise<\/h2>\n

Semi-detached homes have also seen a healthy increase in interest, with sales up 116 per cent in Toronto, and 33 per cent in the GTA from last month (-38 and -36 per cent below last year\u2019s levels). This housing type remains in firmly balanced territory, with ratios of 44 and 45 per cents, as an infusion of new listings (+34 and +69 per cents) offset rising demand.<\/p>\n","protected":false},"excerpt":{"rendered":"

The start of the new year was icy indeed for real estate demand in the Greater Toronto Area, but that appears to be thawing fast as the first two weeks of February reveal booming month over month sales growth. Sales were up from January levels across all home types, though still trending between 33 \u2013 […]<\/p>\n","protected":false},"author":39,"featured_media":15345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,33],"tags":[],"class_list":["post-15342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-real-estate-news"],"yoast_head":"\nMid-February GTA Home Sales See Dramatic Pick Up | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Mid-February GTA home sales rose significantly compared to January's mid-month activity, reveals the latest data from the Toronto Real Estate...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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