Toronto Sales up 16% over February 2011-Diane Plant, Broker, Forest Hill Real Estate

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Real Estate Agent with Forest Hill Real Estate Inc, Brokerage

March 5, 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.”

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Rainmaker
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Ed Kurosz , Lic. Assoc. RE Broker
Douglas Elliman Real Estate - Westhampton Beach & Quogue - Westhampton Beach, NY
Douglas Elliman Real Estate Hamptons & North Fork

Number of homes sold up 16% over last year and average price up 11% over last year. Those are some of the largest percentage increases I have heard about so far ! That's wonderful for Greater Toronto... may we have such success here on Lond Island !

Mar 05, 2012 08:02 PM #1
Rainmaker
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Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Diane

I think we have some of our Spring marker having moved forward by a month or two, because our weather was so good.

Brian

Mar 05, 2012 09:01 PM #2
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Diane Plant

Broker, TorontoHomeSearch: Forest Hill Real Estate
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