While resales numbers are down in Toronto compared to a year ago, they are still promising, according to the latest report released by the Toronto Real Estate Board (TREB).
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PropertyWire,Ca's journalist, Heather Wright, has conducted exclusive interviews with Phil Soper, President of Royal LePage, Robert Hogue, Senior Economist with RBC and Jeffrey Schwartz, Executive Director of Consolidated Credit Counseling Services of Canada. Read their predictions for the 2011 Housing Market in Canada here: Balance and stability, two words that recently seemed foreign and unlikely, at least in reference to the Canadian Housing Industry. Now that the economic downturn is fading...
There were 6,266 transactions in February 2011. From this time last year, these numbers signify a drop of 14%.
While at first glance, these numbers seem to indicate a downward trend, when placed against the numbers from February 2009- in the middle of the recession- they have actually increased by 50%.
"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.
While the numbers of resales are down, average prices have gone up. The average price rested in at $454,423- which is up 5%from February of last year.
"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.
Breaking it down by housing type, year-over-year, for sales numbers, detached homes fell by 16%; Semi-detached fell by 19%; Townhouses fell by 7%; Condos fell by 11%.
Looking at average prices year-over-year, prices for detached homes went up by 8%; prices for semi-detached homes rose by 4%; Townhouses went up slightly, by 1%; Condos rose by 6%.
Speaking exclusively to Propertywire.ca, Lorena Romano, Sales Representative with Royal LePage West Realty Group, Brokerage, says that there is definite momentum in the Toronto market. “The real estate market is definitely picking up. The problem is that there are not enough inventories. There are many buyers hoping to purchase before March 18th due to the mortgage changes, and many others who are just hoping to purchase before the summer months.”
"However, the shortage of inventory creates a large number of bidding wars. The buyers are there, the inventory though is not enough! I think with the spring market, March will see more properties for sale and more sales transactions will occur. Also, many will try and purchase before March 18th, so overall I think we will see a definite increase in sales for the month of March.”