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Toronto Real Estate Board reports:
GTA realtors mid-month resale housing market statistics.
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."
Source: Toronto Real Estate Board
February 18, 2010 in Toronto Real Estate Board | Permalink
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Comments
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One of the greatest and most obvious reasons to consider buying a home is the interest rates. Interest rates today, are some of the lowest rates that we have seen in years. It is possible that they will go even lower. You may think that getting a home loan in order to take advantage of these rates is impossible. Although credit standards and loan approval may be higher than before, obtaining a loan is well within the reach of homebuyers with a good credit rating and a steady income that can support the monthly mortgage payments.
Posted by: torontohomeandhouse123 | Jun 11, 2010 4:43:33 AM
The difference between US and Canada is that we get a lot of immigrants every year ... we grow and people need a place to settle so the real estate market grows ... it's more then logic. Stop the immigration and in 10-15 years the house market will slow.
Posted by: Real Estate Photographer | Feb 24, 2010 11:11:53 PM
I sure hope that you're right about economic recovery being right around the corner. We're still getting tons of foreclosures at the self storage facility.
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Posted by: Nehaasen | Feb 24, 2010 1:06:40 AM
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