Mid month results, presented in today's report from TREB, indicate growing number of sales in the GTA area. February results (despite the month having only 28 days) will most probably outperform last month's results.
3,555 sales were reported by Toronto real estate agents during the first two weeks of February. The number of sold items was up 74%, compared to the first two weeks of February 2009. Considering there were 4,986 sales in January, final results in February will most probably overcome January. Moreover, this result was 7.7% up compared to the result of the first two weeks in February 2006, and set a new record for this period. Toronto Real Estate Board President Tom Lebour said:
"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."
The average price was $429,997 (+18% compared to the February mid month average price in 2009). According to Jason Mercer, TREB's Senior Manager of Market Analysis:
"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."