NEWS RELEASE 

 


GTA REALTORS® Release Resale Monthly Market Figures

 

TORONTO, March 5, 2012 -- Greater Toronto REALTORS® reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.

“It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February,” continued Silver.

The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. The Composite MLS® Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.

“If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA.”

 

 

Summary of TorontoMLS® Sales and Average Price February 1 – 29

 

2012

2011

 

Sales

Average Price

Sales

Average Price

 

City of Toronto ("416")

2,686

$553,519

2,527

$497,180

 

Rest of GTA ("905")

4,346

$470,981

3,531

$421,946

 

GTA

7,032

$502,508

6,058

$453,329

 

 

 

 

TorontoMLS® Sales & Average Price  By Home Type

Sales

Average Price

416

905

Total

416

905

Total

Detached

927

2,500

3,427

818,815

568,322

636,080

Yr./Yr. % Change

12%

29%

24%

13%

11%

10%

Semi-Detached

283

474

757

585,325

384,320

459,464

Yr./Yr. % Change

7%

18%

14%

12%

10%

10%

Townhouse

238

749

987

432,493

347,424

367,937

Yr./Yr. % Change

-13%

11%

4%

11%

11%

10%

Condo Apartment

1,212

514

1,726

371,334

270,143

341,199

Yr./Yr. % Change

7%

19%

10%

4%

4%

3%

*The TREB boundaries include the City of Toronto, the Regions of Halton, Peel, York and Durham, Orangeville in Dufferin County and Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth in Simcoe County.

 

 

 

- 30 -