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GTA REALTORS® Report Mid-Month Resale Housing Market Figures

 

Toronto, February 16, 2012

Greater Toronto REALTORS® reported 3,206 sales through the TorontoMLS® system through the first 14 days of February 2012 – up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011. New listings were up by 13 per cent over the same period.

“The GTA resale home market became better supplied during the first 14 days of February. If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rates of price growth later in 2012,” said Toronto Real Estate Board (TREB) President Richard Silver.

The average selling price during the first 14 days of February was $491,493 – up by nine per cent compared to the first 14 days of February 2011. On average, sellers 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. There is not a mismatch in expectations, so homes sell quickly at close   to the asking price,” said Jason Mercer, TREB’s Senior Manager of Market   Analysis. Summary of TorontoMLS® Sales and Average Price
February 1 – 14
2012 2011
Sales Average Price Sales Average Price
City ofToronto  (“416”) 1,214 $543,068 1,244 $499,489
Rest of GTA (“905”) 1,992 $460,061 1,689 $414,958
GTA 3,206 $491,493 2,933 $450,811
  

TorontoMLS® Sales & Average Price By Home   Type

February    1 – 14, 2012
Sales Average Price
416 905 Total 416 905 Total
Detached 417 1,154 1,571 776,011 553,233 612,366
Yr./Yr. % Change 8% 22% 18% 3% 11% 7%
Semi-Detached 131 209 340 595,453 382,458 464,524
Yr./Yr. % Change -2% 12% 6% 18% 9% 12%
Townhouse 103 343 446 390,750 341,459 352,842
Yr./Yr. % Change -12% 11% 5% 0% 10% 6%
Condo Apartment 552 247 799 388,215 269,637 351,558
Yr./Yr. % Change -7% 15% -1% 8% 4% 5%

Source: TorontoReal Estate Board
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