February numbers are in…
Just as predicted, the Spring Market is taking off like 2017 all over again. A shortage of listings, high demand, and low-interest rates combine to create a hot market. Toronto’s single-family dwellings are up 16.7% in sale price over this time last year.
Condos in the Six – up 18% in price Y/Y
Condos in the downtown core – up 19.8% in price Y/Y
This chart shows you why condos downtown are climbing so high in price. A recent sale had a price increase of 20% over the same unit which sold in November. 20% in four months, all due to a shortage of inventory.
Single-family dwellings in the Toronto area – up 16.7% in price Y/Y
Bank of Canada just lowered its rate. 2.35% variable mortgages as of this morning (March 5 2020)