Toronto's Real Estate Market Remains HOT! Average Price and Sales Increase in February.

February Sales and Average Price Increase Annually

TORONTO - Wednesday, March 3, 2010

SINGLE FAMILY RESIDENTIAL BREAKDOWN

Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509.

Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year. “Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in  the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”

New listings also  increased in February, climbing 24 per cent compared to the same month last year.  “Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through  2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single digit rates of price growth.”

For the full February Market Watch, click on the link below:

http://www.torontorealestateboard.com/consumer_info/market_news/mw2010/pdf/mw1002.pdf

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

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Posted via email from Markham Real Estate Today with Asif Khan