The Toronto Real Estate Market reported 7,032 sales in February 2012 - up 16% compared to February 2011. New listings were also up over the same period, but by a lesser 11% to 12,684. It is important to note that this year is a leap year with one more day in February.
"With slightly more than two months of inventory in TREB's market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied," said TREB's President Richard Silver. "It is important to note that buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99% of the asking price in February."