February Housing Report: Average Selling Price Went Up

Photo by Ken Lund
Photo by Ken Lund

TREB (Toronto Real Estate Board) published its regular market report for the last month. So how did the market do in February?

In total, 6,266 transactions were reported through the TorontoMLS® system, which is 14 per cent lower in comparison to the record sales reported in February 2010. Nevertheless, last month's sales were still 50 per cent higher than sales in February 2009, when the recession took place. This number is also slightly higher than the average February sales over the last ten years.

TREB's Market Watch quotes Bill Johnston, the president of TREB, who believes that "continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong."

Both the average selling price and the median price went up from last year. While the average selling price reached a value of $454,423, which represents a more than five per cent increase from February 2010, the median price increased from $366,300 recorded during
February of 2010 to $379,000 recorded last month.

"Market conditions remain quite tight in the GTA," said Jason Mercer, TREB's Senior Manager of Market Analysis. He also believes that the competition between home buyers is high enough to promote continued price growth.

We are very glad to see that Toronto is constantly showing signs of a healthy housing market.

Take a look at the full report here.

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