Skip to content

Real Estate market keeps going strong in February

March 4, 2010

GTA REALTORS® REPORT FEBRUARY RESALE HOUSING MARKET FIGURES

(Source: Toronto Real Estate Board)

TORONTO, March 3, 2010 – Greater Toronto REALTORS® reported 7,291 real estate sales through the Multiple Listing Service® (MLS®) in February, representing a 77% increase over February 2009.  The average price for these transactions was up 19$ year-over-year to $431,509.  Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.

“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 experienced 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 home marketplace.”

New real estate listings also increased in February, climbing 24 per cent compared to the same month last year.

“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”


My Commentary: I’m not putting too much importance in the first figure in this release.  A 77% increase from last February is great, however keeping in mind how desolate the real estate market was at the onset of 2009 it’s not an apples to apples comparison.  Once we see the final stats in comparison to last month, we will have a better idea of where we’re heading. Certainly, the Bank of Canada’s move this week to maintain its stance on lending rates for the time being should help inject confidence into those home owners and home buyers who are sitting on the fence out there, hesitant to make a move in the real estate market.

First off, you can expect to see the “average home/condo prices” continue to rise as long as the market stays unbalanced – meaning more buyers than sellers.  Later this week I should have the final numbers to give a better picture of where the listing inventory numbers are going compare with the last couple months.  I personally think that once we see more homes and condos come to the market, we will see a more stable real estate market and this should only help bring more buyers and sellers to the table.

The HST has become a much hotter topic this month than in the last 6 months. In the last week, my clients have the HST at or near the top of their list of questions and concerns, especially in the condo market. Exactly how each condominium property will be able to deal with the HST is going to be interesting.

As always thank you for visiting and please feel free to keep sending me your real estate questions either by email or by commenting on this post – you’ll find I answer every comment/question.

Ryan

Ryan Chelak is a real estate broker serving Oakville, Mississauga & the GTA, as well as a 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.

Advertisements
One Comment leave one →
  1. March 8, 2010 5:15 pm

    Thank you for this blog, I will be sure to reference it when needed throughout our website once we add our resources section. Keep up the great blogging and thanks again.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: