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An article ran recently in the Star and provides an update and outlook on the Toronto housing market.
(Toronto Star – Tony Wong – March 3rd)
Existing home sales in the Toronto area were up by 77 per cent in February compared with the same time last year, according to figures released today.
The Toronto Real Estate Board said 7,291 homes changed hands last month compared with 4,120 homes in February of 2009.
The average price of a home was also up by 19 per cent to $431,509.
“Increases in existing home sales and average price were noted across the GTA in low rise and high rise home types,” said TREB president Tom Lebour. “This suggests that first-time, move up and down sizing buyers are all active in the existing home marketplace.”
Comparisons with the first half of last year are slightly misleading because that was the bottom of the market, caution analysts.
The Canada Mortgage and Housing Corporation released a forecast this week that the market will remain heated for the first half of the year, before trending down in the second half and into 2011.
One bright spot for buyers is that listings improved by a significant 24 per cent in February compared with last year.
“Annual growth in new listings is expected to continue,” said Jason Mercer, TREB’s senior manager of market analysis. “New listings growth will start to outstrip sales growth as we move through 2010. As the market becomes better supplied, we will see more sustainable single digit rates of growth.”
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