Toronto GTA Mid-February Real Estate Market Update 2010 - 74% Increase in Sales

The Real Estate market at a Glance

The Toronto Real Estate Board reported an increase of 74% in sales in the first two weeks of February, 2010 compared to the same period in 2009 when resale transactions dipped due to the recession.

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The mid February sales total was 7.7 percent above the previous high set in 2006.  

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The Average price of a single family home for this period was $429,997, an 18 percent increase over 2009 for the GTA

Breaking down the figures between 416 / 905:

Average House Prices for Mid-February 2010 in Toronto (416) area:   $471,958 versus $400,467 in mid-February 2009

Average House Prices for Mid-February 2010 in GTA (905) area:  $401,760 versus $341,013 in mid-February 2009

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As we get closer to the spring market, the listing inventory increases.

New Listings within the board boundaries where up 15 percent to 6,212.   

Each day were are seeing the inventory climbing, but its still not enough to hinder the multiple offer, bidding war situation.

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Double-digit house price increases are predicted to continue through the first quarter, as buyers try to beat the new HST and new mortgage qualifying rules plus lock into the incredibly slow interest rates.

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As new listings continue to increase, creating a better supplied market, we will most likely see continued price increases but at a more moderate growth.

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