Toronto has once again seen its real estate market increase over the dismal year that was 2009. Actually, the first part of 2009 was dismal, not the rest of 2009, but still the growing real estate market in the city continues to grow and the first two weeks of February has proven to be no [...]

Toronto has once again seen its real estate market increase over the dismal year that was 2009. Actually, the first part of 2009 was dismal, not the rest of 2009, but still the growing real estate market in the city continues to grow and the first two weeks of February has proven to be no different.

 For the first two weeks of February, the Toronto real estate market saw 3,555 sales through MLS. This represents an increase over the same period in 2009 of 74 percent, which is a huge increase for what is generally a slow time in the real estate market. It is important to also point out that February 2009 was a very low point for the real estate market so any increase is a big increase. However, that doesn’t mean this is not a great increase. In fact, the mid-month sales for February in Toronto is 7.7 percent above the previous record that was set in 2006 when the real estate market was surging to heights never seen before.

In the City of Toronto itself, there were 1,430 sales, which is an increase over the 816 sales done during the first two weeks of 2009. Home sale prices also went up in the City of Toronto, from $400,467 to $471,958.

For the rest of the Greater Toronto Area, there was an increase in home sales from 1,228 to 2,125 and home prices went up as well from $341,013 to $401,760.

For both the City of Toronto and the Greater Toronto Area, there was an increase in home prices of 18 percent to $429,997. The number of new listings in the Greater Toronto Area also increased by 15 percent to 6,212 homes now on the market.

 It is expected that for the rest of the first quarter, and into the second quarter of 2010, home sales and home prices will increase. There are two reasons for this. First, there are more buyers than sellers on the market and the laws of supply and demand drive up the price of homes. Second, the first and second quarters of 2009 were the lowest in decades, so seeing an increase in 2010 is not going to be that difficult to achieve.

Once the interest rate increases in June, the real estate market should begin to slow down, especially with the new mortgage rules that are now in place on the real estate market across Canada.


Posted: 2010-03-01 08:46:41

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