Resale Housing Down but Healthy
To get an accurate perspective of current market conditions, a number
of factors have to be considered, said Ms. ONeill. With 18,018
properties available for sale, inventory has decreased seven per cent from last
This indicates that despite moderate sales, there is not an over-supply of homes on the market.
Generally, properties that are listed are selling fairly quickly and with a
list to sale price ratio of 99 per cent, for the most part, sellers are realizing
their asking price, ONeill added.
At $382,048 in the Greater Toronto Area and $424,235 in the City of Toronto,
the average price increased four and two per cent respectively compared to February
2007. As well, the time on market in February was 30 days compared to 35 days
a year ago.
Despite the overall decline, some GTA neighbourhoods experienced strong sales
In Pickering (E13) sales rose 28 per cent overall compared to a year ago due
to a strong increase in condo townhouse and condo-apartment transactions.
Strong condo-apartment sales also drove transactions in Rexdale (W10) to an
overall increase of 18 per cent compared to February 2007.
Richmond Hill North (N05) experienced a 19 per cent sales increase compared
to a year ago primarily as a result of strong detached home transactions.
All economic indicators are in place for an active year in the GTA, and
as the weather improves sales are expected to increase as well, said Ms.
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