Toronto Real Estate-Diane Plant mid February update


February 18, 2010

Greater Toronto REALTORS reported 3,555 sales through
the Multiple Listing Service during the first two weeks of February. This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006.

“Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment,” said Toronto Real Estate Board President Tom Lebour.

The average price for February mid-month transactions was $429,997 – an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were
up 15 per cent to 6,212.

“Double-digit price increases will persist through the first quarter of the year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “However, as new listings continue to increase creating a better supplied market, we will see the annual rate of price growth
moderate into the single digits.”

Summary Of February Sales And Average Price

                                                           2010                                          2009

                                              Sales       Average Price     Sales      Average Price

City of Toronto (“416”)        1,430        $471,958          816                $400,467
Rest of GTA (“905”)               2,125         $401,760        1,228            $341,013
GTA                                        3,555         $429,997        2,044              $364,748

Source: Toronto Real Estate Board


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