Real Estate Board reports sales near 3,000 at mid-month
The first half of the month yielded 2,775 transactions, down 14 per cent from
the 3,240 sales recorded in the same timeframe last year. The moderation in sales
was more pronounced within the City of Toronto--down 18 per cent to 1,066 from
last Februarys 1,308than in the 905 suburbs, which saw transactions
off 11 per cent.
Its important to recognize that the mid-month report provides an
indication of market conditions based on a very brief period, said Ms. ONeill.
However, we believe the harsh winter weather weve experienced in
the early part of the month has had a negative impact on both sales and inventory
levels. If you cant get buyers out to your open house, then you are less
inclined to list. And fewer listings means less appealing product for the potential
home-buyer. Its a compound effect.
Although sales eased, several positive factors were also noted. At $385,735,
the average price in the GTA rose seven per cent compared to $358,533 recorded
in mid-February 2007. Within the City of Toronto, the average rose 11 per cent
to $434,657, although pockets within the East end (Agincourt, for example) rose
at the more affordable pace of around five per cent. As well, properties are remaining
on the market fewer days.
The average number of days on market is currently 31 versus 35 days at the
same time last year.
Furthermore, a few neighborhoods both within and outside of the 416 area code
saw increased sales over the first half of February, 2007.
In Ajax (E14) sales were up 11 per cent compared to mid-February 2007, based
mainly on an increase in detached home sales.
In the West region, the W3 (York South) district saw a 41 per cent increase
in transactions, driven by strong sales of semi-detached homes.
Central Richmond Hill (N04) also experienced a notable increase in sales compared
to the same timeframe last year. Transactions were up 21 per cent, primarily due
to an increase in attached row sales.
We are optimistic that we will see a strong spring market because the
economic fundamentals remain in place, said Ms. ONeill. Prices
are still particularly affordable in Torontos East end.
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