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Real Estate Homeward Blog

Market Update March 2015





February, 2015, will go down in history as the month in which the average price of a detached home in the City of Toronto (416 area code) surpassed $1,000,000. The average price of a detached home in the suburbs (905 area code) reached $694,285. Despite concerns of some people, economic indicators remain strong:

  1. Real GDP Growth for Q4 2014 was 2.4%
  2. The Toronto Employment Growth for January 2015 was 1%
  3. The Toronto Unemployment Rate for January 2015 was 1%
  4. The Bank of Canada overnight rate in February 2015 was 0.75%
  5. The Prime Rate in February 2015 was 2.85%
  6. We are expecting even lower mortgage rates this spring

Good news all around!              


Home sales were up by 11.3% last month in comparison to February 2014.  The average selling price was up by 7.4% compared to last February.


Home Market Indicator

                    Feb. 2015                 Feb. 2014                 % Change

Sales                                                  6,338                        5,696                               +11.3%

Average Price                                   $596,163                   $552,859                 +7.8%

Source: Toronto Real Estate Board, Jason Mercer


"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.





Roger Gallibois, B.Sc., P.Eng.                              


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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 9/15/2019 8:24:27 AM