“Even after accounting for the leap year day, sales were above the previous record for February set back in 2010. Sales were up strongly from the 15th day of the month onward as well, despite the new federal mortgage lending guidelines coming into effect that require at least a 10 per cent down payment on the portion of purchase prices between $500,000 and $1,000,000,” said TREB president Mark McLean. The average selling price was up by 14.9 per cent annually to $685,278.
Meanwhile, the Kitchener-Waterloo Association of Realtors says that sales in their market leapt 28.2 per cent in February compared to a year earlier. There were 452 sales through its MLS with single detached home sales rising 40.7 per cent year-over-year while condo sales were up 25.6 per cent and townhomes by 6.9 per cent. There was a 17.5 per cent drop in sales of semi-detached homes.
“This was the most active February we’ve seen on record since 2008, when 464 residential homes were sold,” stated Charlotte Zawada, President of the KWAR. “With interest rates holding steady and Waterloo Region remaining an attractive place to live and invest, I think we will continue to see buoyancy in our local housing market.”
The average selling price of all homes sold through the MLS was up 10.3 per cent year-over-year at $361,889.
In Windsor-Essex there was a 15.04 per cent rise in sales in the year to February and year-to-date sales were up 14.95 per cent. The Windsor-Essex County Association of Realtors says that market activity was up more than 14 per cent while the average price was 8.75 per cent higher at $208,984. Prices are up almost 13 per cent in the year-to-date.
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Realtors in the Greater Toronto Area and Kitchener-Waterloo saw strong surge in sales last month. February’s total sales in the GTA were up by 21.1 per cent compared to the same month in 2015 with 7,621 transactions. New listings were up by 8.2 per cent, a slower pace than a year earlier.