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GTA Real Estate Market Update: Mid-February resale real estate housing figures

February 18, 2010

GTA Realtors® Report Mid-February Resale Real Estate Housing Market Figures

TORONTO, February 18, 2010 — Greater Toronto Area REALTORS reported 3,555 real estate sales through the Multiple Listing Service during the first two weeks of February.

This represented a 74%  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% 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% 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.”

Ryan Chelak is a real estate broker in Oakville & Mississauga and longtime Oakville resident. Subscribe to my blog to keep up to date on local news, information, events and of course everything you want to know about Oakville & Mississauga real estate.

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