Detached properties sold faster last month despite the average price increase, spending an average of 34 days on the market compared to 42 days in January.<\/p>\n
The semi-detached home market saw prices hold mostly steady at $790,736 and had the most sales after detached homes with 50 transactions in February, or a 9 per cent month-over-month increase.<\/p>\n
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But demand appeared to be\u00a0strengthening in the townhouse market, with 43 sales in February and a 45 per cent drop in the average days on market to just 23 days.<\/p>\n
\u201cThis sharp decline suggests that buyer interest in this property type may be increasing as purchasers look for relatively more affordable options,\u201d Zoocasa says.<\/p>\n
Looking at Peel Region as a whole, the real estate market gained momentum in February, \u201csignalling that early spring demand may already be emerging.\u201d<\/p>\n
Sales jumped nearly 16 per month-over-month with 706 homes trading hands. Despite an increase in sales, the average price remained \u201clargely unchanged\u201d at $933,616.<\/p>\n
\u201cThe combination of rising sales and faster transaction times suggests that buyers are beginning to re-enter the market in the Peel Region ahead of the traditional spring surge, likely due to the steady overnight lending rate from the Bank of Canada, as well as flat average prices,\u201d Zoocasa says<\/a>.<\/p>\n