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Toronto Real Estate Board reports:
Mid-March residential real estate statistics
Greater Toronto Area realtors reported 4,353 sales through the Multiple Listing Service® (MLS®) during the first two weeks of March. This represented a 70 per cent increase compared to the 2,562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession. The mid-month sales total was also 16% higher than the previous March midmonth high reached in 2006.
“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market. Every year, monthly sales climb steadily through May,” said Toronto Real Estate Board President Tom Lebour. "People are buying homes because they are confident in the current economic recovery and mortgage payments on the average priced home remain affordable."
The average price for March mid-month transactions was $440,153 – a 20 per cent increase over 2009. New listings within the Toronto Real Estate Board boundaries were up 34 per cent to 8,540.
"Look for double-digit annual price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”
March 17, 2010 in Toronto Real Estate Board | Permalink
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Comments
@ Trevor? Honestly... no.
I do think however a modest correction of 10% by the end of 2011 (versus today's average prices) is possible. I know there are many in the web world who are/have been/will continue to/ predict 40% crashes but I just don't see it happening, especially if the economy actually does recover.
Posted by: Geoff | Mar 19, 2010 9:39:56 AM
I like that you always give Toronto REal Estate report as I always came to know all information from this reports.I think that its true that people are confident for buying homes.
Posted by: dean graziosi | Mar 19, 2010 6:12:00 AM
Geoff, are we in a hump now? Things about to turn around you think?
Posted by: Trevor | Mar 18, 2010 9:09:44 PM
@ Fluffy - what exactly does your post mean?
(exactly)
Posted by: Geoff | Mar 18, 2010 3:36:44 PM
A classic blow-off top :). In a 2-3 months look out below.
Posted by: Fluffy Scoba | Mar 18, 2010 11:55:48 AM
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