Thursday, February 16, 2012

Sales for the first half of February up by more than 9% compared to the same period last year Toronto Real Estate Board

Below is the latest report from the Toronto Real Estate Board regarding the sales for the first half of February, up by more than 9% compared to the same period last year.

GTA REALTORS(r) Report Mid-Month Resale Housing Market Figures

Toronto, February 16, 2012 - Greater Toronto REALTORS(r) reported 3,206 sales through the TorontoMLS(r) system through the first 14 days of February 2012 - up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011. New listings were up by 13 per cent over the same period.

"The GTA resale home market became better supplied during the first 14 days of February. If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rates of price growth later in 2012," said Toronto Real Estate Board (TREB) President
Richard Silver.

The average selling price during the first 14 days of February was $491,493 - up by nine per cent compared to the first 14 days of February 2011. On average, sellers received 99 per cent of their asking price and their homes were on the market for an average of 25 days.

"Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA. There is not a mismatch in expectations, so homes sell quickly at close to the asking price," said Jason Mercer, TREB's Senior Manager of Market Analysis.

I hope this finds you Happy and Healthy!

All the Best!


A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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