Housing Sales Set Record February Pace in Vancouver, Toronto

The warm weather and low interest rates kept buyers interested in real estate. Housing sales in Vancouver and Toronto set a record pace in February.

In Toronto, there were a total of 7,621 residential property sales and in Vancouver, there were a total of 41,172 residential property sales. In both cities, that was the strongest February on record.

Last month, the composite price including detached homes, semi-detached homes, townhouses and condos increased 27 per cent in Vancouver. The composite price increased 11 per cent in Toronto.

According to the Toronto Real Estate Board, there were over 11,000 listings across the Greater Toronto Area and it is still a seller's market.

The average price of a detached house is $1.3 million in the Greater Vancouver area which represents a 27 per cent increase from last year. In the Lower Mainland, the composite price of a detached home is $1,038,100 which represents 26 per cent jump.

The price of a condominium apartment in the Greater Vancouver area costs about $454,600 which represents a 17 per cent yearly increase. In the Lower Mainland, a condominium apartment costs $409,000 which represents 17 per cent increase.

With so many buyers looking to purchase real estate, the prices continued to rise. Recently, RBC economists and CMHC analysts expressed concern over the affordability of housing in Toronto and Vancouver because homes are falling out of reach for most individuals with average incomes.

Reference: CBC News

http://www.cbc.ca/…/business/toronto-vancouver-real-estate-…