“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 experiences 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 market place.” Toronto Real Estate Board
GTA housing prices and sales continue to rise in February
March 3, 2010
Sales were up 77% this February over February 2009. The average price of the units sold increased 19% year-over-year to $431 509. The increase in both total sales and the price certainly reflect a strengthening of demand, but it is important to keep in mind that February 2009 was during a period of economic recession as well. The numbers, then, slightly overstate the strengthening of the housing market since it is compared with a period of relative weakness.
New home listings also increased 24% compared with last February. The Toronto Real Estate Board also noted that they expect new homes listings to increase beyond the rate of sales growth which will result in more stable, single-digit price increases rather than the incredible price increases we have been experiencing recently.