Monthly Archives: February 2012

GTA Market Report – February 17, 2012

Toronto home sales chart

Housing demand surges across GTA

Statistics were just released by TREB for the first two weeks of February. The average sale price was $491,493, up about 9% over the same period last year. 3,206 homes were sold in this period, a figure that’s also up about 9%.

Low mortgage rates were on many buyers’ minds during this period. The 2.99% rates advertised by several banks may not last for long, though most observers expect generally low rates to continue through the year.

More listings expected this spring

On average, sellers in early February received 99 per cent of their asking price and their homes were on the market for an average of 25 days. “Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. Mercer has been pointing out that an increased supply of listings this year will help to flatten out the competitive pressures that push sale prices up.

If you would like to sell your home in this spring market, email us, or call James or Joanne at 416-483-8000.

GTA Market Update – February 3, 2012

Toronto Home Sales Chart

Spring is here for Toronto real estate

The monthly market figures just released by TREB show that 4,567 sales were made in January, 2012. This is 8.8% higher than the number reported last January. Activity was strong across the GTA, in both the 416 and 905 areas.

Interestingly, January’s average selling price of $463,543 was also up almost 9% from a year ago. The low posted mortgage rates have helped to keep homes affordable, while the continuing low supply of homes for sale has kept prices up. “A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

If you would like to sell your home in this spring market, email us, or call James or Joanne at 416-483-8000.