Major cities post massive February sales growth

Homebuyers and investors in Canada’s largest cities are wising up to the fact that home prices aren’t about to tumble, sending February sales through the roof.

The Toronto Real Estate Board reported that 6,338 properties were sold in Toronto through the MLS in February, representing an 11.3 per cent increase from the same month last year.

“Even with the record low temperatures last month, we still saw an increase in the number of people purchasing homes in the GTA,” said Paul Etherington, president for TREB.

“This speaks to the importance households place on home ownership and the fact that buyers continue to view house ownership as a quality long-term investment.”

Unlike last year, extreme weather – and the coldest February on record – didn’t keep buyers away from the Toronto market. Instead, would-be homeowners were eager to break into the market as soon as possible.

Sales of detached properties rose 13.9 per cent in February, making up about half of all Toronto sales in the month. Most of those sales occurred outside the city proper, but demand for land in the City of Toronto drove prices up 8.9 per cent to $1.04 million – a first for a single calendar month.

Townhouse and condo sales also increased year-over-year, rising 13.6 per cent and 10 per cent, respectively. Average condo prices in the city’s core, however, fell almost one per cent in February to $369,655.
“The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s director of market analysis.

But what about the Vancouver real estate market?

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