According to the latest from the Toronto Real Estate Board, home sales in February 2012 increased 16 per cent over Toronto home sales in February 2011 – a total of 7,032 sales. New listings also increased to 12,684, which is up 11 per cent over the same time last year.
The one additional day in this year’s leap year February made a difference – up to February 28th, home sales were only up 10 per cent and new listings were only up six per cent.
“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,” said Toronto Real Estate Board president Richard Silver in a press release. “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.”
Prices increased by 11 per cent to an average of $502,508 over the same time last year, but using the new Composite MLS Home Price Index home prices only increased by 7.3 per cent.
“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 the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, in the same press release. “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.”
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