February ended with the Toronto Real Estate Board reporting the sale of 9,097 homes, the second-best February in the history of the Board. Entering February with a very low inventory of homes for sale meant that competition between buyers was strong and prices had nowhere to go but up. The average sale price in February was$1,334,544 up from $1,242,760 in January. As I said last month, do not panic! Monthly fluctuations in the average price are expected, and overall prices will increase this year by 10-15%.

As we get into March, the inventory of homes for sale will increase. A slight rise in borrowing rates has been expected and further small increases will be forthcoming. While it will impact some buyers, overall, there will be little impact on buyer demand and prices.

If you have any questions or need some clarifications about the market, please feel free to give me a call.

We've made it through another winter!

Have a great month!