February Record Sales Activity Jumps 74 Per Cent In Toronto

February record sales activity jumps 74 per cent in Toronto
| Monday, 22 February 2010

The Greater Toronto Realtors reported a 74 per cent increase in sales for the first two weeks of February compared to last year, when the recession hit hardest.

There were 3,555 sales through MLS during the first half of this month, compared to 2,0044 during the same period in 2009. This month's activity was even 7.7 per cent higher than the previous record in 2006.

"Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," says Tom Lebour, president of the Toronto Real Estate Board.

Accordingly, the increased activity has led to higher prices as well. The average price for February mid-month transactions was $429,997, up 18 per cent from 2009. That's also drawn more sellers out hoping to cash in. New listings with the Toronto Real Estate Board's boundaries were up 15 per cent to 6,212.

The board's senior market analyst Jason Mercer says double-digit price increases wil continue through the first quarter of the year.

"However, as new listings continue to increase,  creating a better supplied market, we will see the annual rate of price growth moderate into the single digits," says Mercer