Real Estate Market Watch
Activity for Toronto and surrounding areas
Toronto Real Estate Board Members recorded 6,015 resale home transactions last month, down 11% in the Greater Toronto Area overall, 14% in the City of Toronto and 9% in the 905 suburbs compared to February 2007.
The average price increased 4% in GTA area and 2% in Toronto compared to February 2007. As well, the time on market in February was 30 days compared to 35 days a year ago.
However the number of properties available for sale has decreased seven per cent from last February, this indicates that there is no over-supply of homes on the market.
Despite the overall decline, some GTA neighbourhoods experienced strong sales in February. Sales in Pickering rose 28% overall compared to a year ago due to a strong increase in condo townhouse and condo apartment transactions. Sales in Rexdale also increased 18% over a year ago.
Conclusion
While the numbers above indicate overall drop down in housing sales in Ontario, they also indicate a healthy real estate market in general. As predicted by the Canadian Real Estate Association, home sales are expected to level off to roughly 2006 levels this year, which was the second-strongest year on record.
————————————————————————————————–———-
Contact the Jeffrey Team for more information - 416-388-1960
