In front of the steps at Toronto’s Old City Hall, an unsuspecting passer-by is offered a gift of music. “Like a personalized song? It’s free.” The occasion was “Best Busker Ever,” an event nicely organized by Improv in Toronto, the folks who bring you those pillow fights and “no pants” subway riders!
Lots of fun here, and congrats to “creative director” Cole Banning.
Home prices “leap” in February
Complete figures for February 2012 were released today by TREB. 7,032 Toronto area home sales were reported, up 16 percent compared to February 2011. Without the extra leap-year day, the 2012 total would have been only 10% higher.
Average prices, however, don’t rely on the number of days in the month. The average selling price in the TREB market area was $502,508 in February – up 11 per cent compared to February 2011. Experts are cautiously revising their language to prepare for a stronger selling season than expected. “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 Jason Mercer, TREB’s Senior Manager of Market Analysis. Mercer also observed that low mortgage rates are keeping Toronto homes affordable.
Greatest increases outside the city
The effect on sales is not uniform throughout the GTA. There was a pronounced increase in sales of detached homes in the 905 area (up 29% over 2011), while sales of condo apartments downtown increased below the average, by only 7% over last year. In fact, over 83% of the increased volume occurred outside the city, in the 905 area.
We need listings
“Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver. “it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price.” If you would like to sell your home in this spring market, email us, or call James and Joanne at 416-483-8000.