February Real Estate Strongest Ever
GTA Realtors release resale monthly market figures
Greater Toronto Realtors reported 7,032 sales in February 2012 – up 16% compared to February 2011. New listings were also up over the same period, but by a lesser 11% to 12,684 (5% fewer listings than sales and ever the gap between buyers and sellers grows). 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 10% and 6% 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% 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% compared February 2011.
Comment: As I have been saying for months, with low interest rates and not enough listings, pressure is going to keep pushing prices up. I did not think we would be 11% higher than last year, but still. And mortgages went up, be it only a small amount, but they did go up last month. And we still saw prices and listings WAY up. Anyone who says that 2012 is going to see a slow down is dead wrong. We are going to see records set for sales volume and price by the end of this year, mark my words.
“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.”
City of Toronto (“416″)
2012 Sales: 2,686 | Average Price: $553,519
2011 Sales: 2,527 | Average Price: $497,180
Rest of GTA (“905″)
2012 Sales: 4,346 | Average Price: $470,981
2011 Sales: 3,531 | Average Price: $421,946
Entire of GTA
2012 Sales: 7,032 | Average Price: $502,508
2011 Sales: 6,058 | Average Price: $453,329
Contact Laurin Jeffrey for more information – 416−388−1960
Laurin Jeffrey is a Toronto Realtor with TheRedPin.com. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.
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