Here are the statistics for last month:

Over the last 5 years, the average number of condos on the market for sale in February has been 806. This past February, we had only 426 available. Inventory is very low.

Over the last 5 years, the average number of condos on the market that sold in February has been 304. This past February we had 252 sales, demand is lower than typical.

The low demand is being offset by the even lower supply which is actually pushing us more into a Seller's market.

The median price of a downtown condo was up significantly from $598,888 in January to $640,500 in February.
 

In February, the average price of a detached home rose from $1,174,134 to $1,294,936. Since January 2017, home prices are now down -3.1% while condos are up 39.1%. 

Last month we said that the low pool of statistics was easier to influence and the sharp increases in condo prices we had in the past month is the result. Condo prices in C01 (downtown) district rose 7% from $598,888 to $640,500 from January to February. Condo prices are now the strongest they've ever been. On the street, the entry level Buyer's are out in force. We had a condo for sale by the Yonge/Sheppard subway stop that had 30 showings in 7 days and received 2 offers. Having said that, we feel many Buyer's are being pushed to their financial limits and reluctant to participate in bidding or pay more than comparable sales. 

I would really like to see the volume of sales pick up to give the whole condo market a stronger foundation. Sellers need to price accurately to recent sales in their own building and focus more upon successful transactions than setting new record prices.