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FEBRUARY 2020
Economic Indicators Real GDP Growth Q4
2019
0.4%
Toronto Employment Growth January
2020
4.9%
2020
2020
2.4%
After preliminary seasonal adjustment, February 2020 sales also exhibited positive momentum, up by 14.8 per cent compared to January 2020.
Bank of Canada Overnight Rate February
2020
1.75%
2020
3.95%
Prime Rate February
Mortgage Rates
TORONTO, MARCH 4, 2020 – In line with the forecast contained in the Toronto Regional Real Estate Board’s recently released Market Year in Review and Outlook Report, TRREB President Michael Collins announced a very strong year-over-year sales and price growth in February 2020.
5.5%
Inflation (Yr./Yr. CPI Growth) January
TREB MLS® Sales Activity1,7
GTA REALTORS® RELEASE FEBRUARY STATS
Greater Toronto Area REALTORS® reported 7,256 residential transactions through TRREB’s MLS® System in February 2020, representing a 45.6 per cent increase compared to a 10-year sales low in February 2019. However, February 2020 sales were still below the 2017 record result. Year-over-year sales growth, for the GTA as a whole, was strongest for ground-oriented home types.
Toronto Unemployment Rate (SA) January
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February 2020
1 Year
3.64%
3 Year
3.94%
5 Year
5.19%
New listings amounted to 10,613 in February 2020, a 7.9 per cent increase compared to February 2019. This moderate annual growth rate was much smaller than that reported for sales, which means market conditions tightened considerably over the past year.
i - Statistics Canada, Quarter-over-quarter growth, annualized ii - Statistics Canada, Year-over-year growth for the most recently reported month iii - Bank of Canada, Rate from most recent Bank of Canada announcement iv - Bank of Canada, Rates for most recently completed month
4,982
February 2020
February 2019
TREB MLS® Average Price1,7
As market conditions tightened over the past year, competition between buyers has clearly increased. This resulted in a further acceleration in year-over-year price growth in February. The MLS® Home Price Index Composite Benchmark was up by 10.2 per cent. The average selling price for all home types combined was up by 16.7 per cent to $910,290. Double-digit average price growth was experienced for most major market segments, including detached houses and condominium apartments.
$910,290
$779,791
Sales & Average Price By Major Home Type1,7 February 2020
Sources and Notes:
7,256
February 2020 Sales
Average Price
Home Type
416
905
Total
416
905
Total
Detached Semi-Detached
716 180
2,760 467
3,476 647
1,485,304 1,208,073
1,017,573 743,602
1,113,918 872,821
229 1,335
911 571
1,140 1,906
846,465 722,675
702,077 534,688
731,081 666,358
Townhouse Condo Apt
Year-Over-Year Per Cent Change Detached Semi-Detached Townhouse Condo Apt
Copyright® 2020 Toronto Regional Real Estate Board
54.0% 4.7% 44.9% 26.2%
64.0% 67.4% 44.8% 21.7%
61.8% 43.5% 44.9% 24.8%
14.4% 10.6% 10.5% 18.0%
14.1% 9.9% 16.4% 19.3%
13.7% 4.5% 14.9% 18.6%
February 2019
Year-Over-Year Summary1,7 Year
2019
2020
% Chg.
Sales
4,982 9,834 13,284 $779,791 25
7,256 10,613 8,816 $910,290 17
45.6% 7.9% -33.6% 16.7% -32.0%
36
23
-36.1%
New Listings 2 Active Listings 3 1 Average Price 5 Avg. LDOM 5 Avg. PDOM
Market Watch, February 2020
1