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Real Estate Update - March 2010
I Hope you are well!
The Real Estate market in the Greater Toronto Area is very healthy with Sellers enjoying an average price increase of over 5% in February 2010, while buyers continue to benefit from incredibly low interest rates.
Here is your Real Estate Report to the end of February 2010...
A Rockin' February!
Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
"Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were
experienced in the City of Toronto and surrounding 905 regions," said TREB President Tom Lebour. "This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace."
New listings also increased in February, climbing 24 per cent compared to the same month last year. "Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010," said Jason Mercer, TREB's Senior Manager of Market Analysis. "As the market becomes better supplied, we will see more sustainable single digit rates of price growth."
From The Toronto Real Estate Board (TREB) Market Watch March 3rd, 2010. TREB includes: York, Durham, Peel and part of Simcoe Regions.
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