Toronto’s condo market continues to boom
February 2016 saw 2,046 condo sales – a 25.9% spike over 2015’s mark of 1,625. Prices took a major jump as well, averaging $403,392.
However, it remains to be seen how well the condo market will continue to perform this year. With many buyers priced out of single-family and town home markets, however, agents should expect strong condo sales in 2016.
B.C. agents enjoying the fruits of the hottest market
In terms of dollar volume, British Columbia made a seemingly impossible jump year-over-year in February.
Dollar volume jumped to $7.5 billion last month -- 76.4% over February 2015’s total of $4.26 billion.
Alberta prices remain steady, despite sales declines
Last month, a total of 3,170 homes were sold – representing an 8% drop year-over-year compared to February 2015’s 3,445.
Despite this, the average price actually increased 0.6% to an average of $388,037.
Ontario: Not all about Toronto
Ontario saw sales increase 15.8% year-over-year and prices rise 12.7%, respectively, proving it isn’t just Toronto-based agents cashing in.
Barrie saw impressive price increases year-over-year (+18.2%), as well as Durham region (16.5%), and Kitchener-Waterloo (+10.5).
A good month for Canada overall
The average selling price for Canadian homes increased 16.8% year-over-year in February to an average of $419,727.
Activity also saw impressive gains, increasing 14.3% for a total of 63,484 sales in February.
Not all markets are trending in the same direction. We parsed the data and picked out five important trends agents need to know.