Toronto Market update Mar 2011
Average Selling Price Up in February
March 3, 2011 -- Greater Toronto REALTORS® reported 6,266 transactions through the TorontoMLS® system in February 2011. This result was 14 per cent lower than the record sales reported in February 2010.
While not representing a record, February 2011 sales were 50 per cent higher than the number reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.
"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," said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for February 2011 transactions was $454,423, which was more than five per cent higher than the average selling price reported in February 2010.
"Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Median Price In February, the median price was $379,000, from the $366,300 recorded during February of 2010.
The Listing to sold ratios are compared for the last 14 months on the results page.
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The question I get asked most often, “What do you think will happen next year?” In Canada and in Toronto specifically, yes, we still have a very sound economy. We are not experiencing the melt down they are in the U.S. If someone were to be looking for a safe place to invest in real estate, Toronto would come right at the top of the list. I believe our real estate market will remain very stable in 2011. It will be a great year for anyone to get into home ownership or make that move “up” or “down” as their lifestyles may require.
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