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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

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Con­tact Lau­rin Jef­frey for more infor­ma­tion – 416−388−1960

Lau­rin Jef­frey is a Toronto Real­tor with Cen­tury 21 Regal Realty. 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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