Toronto Real Estate Prices Rose $80,000 Last Month As Sellers Surged 78% Higher
Greater Toronto real estate is still a tight market, but all of a sudden it has a lot more inventory. Toronto Regional Real Estate Board (TRREB) data shows prices ripped higher in February. Positive price growth news didn’t just end there though, as the market actually saw annual growth accelerated. Oddly enough, this occurred as inventory levels improved dramatically. More inventory but higher price growth. That doesn’t happen often, and when it does it typically doesn’t persist long.
Toronto Real Estate Prices Soared $80k Higher Last Month
Greater Toronto new home prices are seeing growth accelerate even faster as inventory pressure releases. The price of a typical home across TRREB reached $1,340,000 in February, up 6.36% ($80,100) from a month before. Annual growth works out to 35.87% ($273,663) higher. Even with inventory improvements, the annual growth rate has reached a new record high, and with a massive monthly leap.