March 5, 2012,greater torontor realtors reported 7,032 sales in February 2012 up 16 per cent compared to february2011. New listings were also up over tha same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in february. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.
With slightly more than two months of inventory in the toronto real estate board market area , on average it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price griwth will continue to be very strong untill the market become better supplied, said Toronto Real estate Board.
It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 percent of the asking price in February.