Toronto housing market continues to soar

Toronto housing market continues to soar

Published On Wed Mar 03 2010 Web Analytics Image

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The average price of a home was also up by 19 per cent to $431,509.

KEITH BEATY/TORONTO STAR FILE PHOTO

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By Tony Wong Business Reporter

Existing home sales in the Toronto area were up by 77 per cent in February compared with the same time last year, according to figures released today.

The Toronto Real Estate Board said 7,291 homes changed hands last month compared with 4,120 homes in February of 2009.

The average price of a home was also up by 19 per cent to $431,509.

“Increases in existing home sales and average price were noted across the GTA in low rise and high rise home types,” said TREB president Tom Lebour. “This suggests that first-time, move up and down sizing buyers are all active in the existing home marketplace.”

Comparisons with the first half of last year are slightly misleading because that was the bottom of the market, caution analysts.

The Canada Mortgage and Housing Corporation released a forecast this week that the market will remain heated for the first half of the year, before trending down in the second half and into 2011.

One bright spot for buyers is that listings improved by a significant 24 per cent in February compared with last year.

“Annual growth in new listings is expected to continue,” said Jason Mercer, TREB’s senior manager of market analysis. “New listings growth will start to outstrip sales growth as we move through 2010. As the market becomes better supplied, we will see more sustainable single digit rates of growth.”

Posted via web from Toronto Real Estate News | Blog

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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