GTA REALTORS® Release Resale Monthly Market Figures [VIDEO]

Real Estate Snatch at Tuesday, March 06, 2012

Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more

day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.

“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.
The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.

“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”

Summary of TorontoMLS® Sales and Average Price February 1 – 29
	2012	2011
	Sales	Average Price	Sales	Average Price
City of Toronto ("416")	2,686	$553,519	2,527	$497,180
Rest of GTA ("905")	4,346	$470,981	3,531	$421,946
GTA	7,032	$502,508	6,058	$453,329

TorontoMLS® Sales & Average Price By Home Type
	Sales	Average Price
	416	905	Total	416	905	Total

Detached	927	2,500	3,427	818,815	568,322	636,080
Yr./Yr. % Change	12%	29%	24%	13%	11%	10%
Semi-Detached	283	474	757	585,325	384,320	459,464
Yr./Yr. % Change	7%	18%	14%	12%	10%	10%
Townhouse	238	749	987	432,493	347,424	367,937
Yr./Yr. % Change	-13%	11%	4%	11%	11%	10%
Condo Apartment	1,212	514	1,726	371,334	270,143	341,199
Yr./Yr. % Change	7%	19%	10%	4%	4%	3%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.

Media Inquiries:
Mary Gallagher,
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com

Jason Mercer - Senior Manager, Market Analysis, d

scusses the Market Watch Report for February 2012.

Hosted by Shannon Kelly - Social Media Manager.