Toronto Real Estate Board

Toronto Real Estate Board

March 03, 2011 10:13 ET

GTA REALTORS® Report Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwire - 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.

Summary Of February Sales And Average Price
 
  February
   2011  2010
  Sales Average Price Sales Average Price
City of Toronto ("416") 2,577 $497,481 2,891 $475,579
Rest of GTA ("905") 3,689 $424,345 4,400 $402,553
GTA 6,266 $454,423 7,291 $431,509
Source: Toronto Real Estate Board   

 

Sales & Average Price By Home Type
 
  February 2011
  Sales   Average Price  
  416 905 Total 416 905 Total
 
Detached 840 2,042 2,882 727,140 516,564 577,940
  Yr./Yr. % Change -12% -18% -16% 6% 8% 8%
Semi-Detached 269 418 687 522,768 350,780 418,124
  Yr./Yr. % Change -17% -19% -19% 4% 4% 4%
Townhouse 283 704 987 390,307 312,336 334,692
  Yr./Yr. % Change -3% -9% -7% -3% 2% 1%
Condo Apartment 1,158 439 1,597 355,615 260,279 329,408
  Yr./Yr. % Change -10% -12% -11% 6% 2% 6%
Source: Toronto Real Estate Board     

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 31,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

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Contact Information

  • For Media Inquiries:
    Toronto Real Estate Board
    Helen Leung
    Office: (416) 443-8196
    heleung@trebnet.com