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Toronto Real Estate Market Slips
Toronto Realtors report monthly sale down 14%
Greater Toronto Realtors reported 6,266 transactions through the Toronto MLS® system in February 2011. This result was 14 per cent lower than the record sales reported in February 2010. But the average selling price was up and February 2011 sales were 50% higher than the number reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.
“Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong,” said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for February 2011 transactions was $454,423, which was more than five per cent higher than the average selling price reported in February 2010. “Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
See full Market Watch Report »
March 4, 2011 in Toronto Real Estate Board | Permalink
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Comments
Sales are falling and prices are falling. Realtors are liars who have a vested interest since they make money only if they sell.
Posted by: Dom | Mar 20, 2011 5:22:31 PM
Good to see the market is picking up.
Posted by: Edmonton Real Estate Blog | Mar 9, 2011 2:49:43 PM
What goes up must come down!
When it does Real Estate Agents Need to now how to work effectively in order to feed roof and put clothing on their backs!
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Posted by: Kenneth parkar | Mar 9, 2011 12:06:28 AM
50% higher... well that's good at least...
Try not to think of all the rising costs EVERYWHERE and maybe you'll be able to sleep tonight.
Posted by: mortgage calculator canada | Mar 8, 2011 11:46:17 AM
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