Sales of new houses and condominiums in the Greater Toronto Area were up by more than 237 per cent in February compared with last year according to figures released today.
The 3,148 new homes sold represented the highest levels since 2006, according to RealNet Canada Inc.
“The new home market continues to benefit from the tight conditions in the resale market, 50-year low interest rates and healthy levels of consumer confidence in real estate,” said the Toronto-based Building, Industry, & Land Development Association.
However, February of 2009 was a recessionary year, with the figures representing the bottom of the market. Compared with 2008, February sales were still respectable, up 24 per cent, while it was up 19 per cent compared with 2007.
February sales were virtually split between low rise and high rise, with 51 per cent of buyers opting for detached or town homes, while 49 per cent chose condominiums.
Source: www.yourhome.ca by Tony Wong on March 22, 2010
Monday, March 22, 2010
Monday, March 01, 2010
MID-FEBRUARY RESALE HOUSING MARKET FIGURES
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."
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 29,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
Source: Toronto Real Estate Board
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."
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 29,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
Source: Toronto Real Estate Board
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