The Greater Toronto Area Realtors have just released February’s real estate sales figures. Last month, there were 5,731 sales reported through the TorontoMLS system, which represents a 2.1 per cent increase from 5,613 of February 2013.
According to Toronto Real Estate Board President Dianne Usher, “The sales increase was largely driven by resale condominium apartments. New listings of resale condominium apartments were up on a year-over-year basis, giving buyer’s ample choice. This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained. Some would-be buyers had difficulty finding a home that met their needs.”
The number of new listings fell by 1.0 per cent to 10,897 from 11,005, which helped to drive up the average selling price by 8.6 per cent to $553,193 from $509,396 the same time last year. The average days on the market also fell by 7.1 per cent to 26 from 28.
Jason Mercer, TREB’s Market Analysis Senior Market Manager added that “sellers’ market conditions will continue to prevail this year. Home prices, on average, will trend upwards at a pace well-above the rate of inflation. The impact of strong price growth on affordability will be mitigated by low borrowing costs.”
This is certainly good news for people looking to buy or sell their home. Contact a knowledgeable and experienced real estate agent with Century 21 King’s Quay today!