Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”
New listings also increased in February, climbing 24 per cent compared to the same month last year. “Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”
The Listing to sold ratios are compared for the last 14 months on the results page.
Lets have a look at the west end numbers exclusively;
The west numbers show 5,603 Active Listings with 2,753 Sales in February. This is less than two available for every home sold and places us firmly in a Seller's Market. New Listings were 4,862. The 416 area sold 2,891 compared with last years 1,653, But think back to where we were.
Canada Mortgage and Housing predicts that inventory levels will not increase till second half of 2010. (The HST is coming) The Change of Daylight Saving time has not cooled off some shoppers and allow inventory to replenish. Inventory levels are repeating seasonal adjustments View Graph
I will continue to update this Listings to Sales ratio in coming months