TORONTO, February 20, 2007 - Toronto Real Estate Board Members reported 3,240 sales during the first half of February, within two per cent of last February's pace, TREB President Dorothy Mason reported today.
"This is very solid performance in line with some of the strongest results we've had, especially given the record January we just experienced," Mrs. Mason said. "Consumers are showing that the colder months are a great time to get in to the market or make a switch to a different home."
Mrs. Mason noted that the overall health of the market is very good.
"Activity is accelerating nicely as we move towards spring," Mrs. Mason said. "The first half of February saw nearly 80 per cent more transactions than the first half of January, and that bodes well for the next few months."
The average price of a resale home climbed in the first half of February, registering at $358,533, up three per cent from the $348,804 recorded during the same timeframe last year. Meanwhile, days on market rose to 35 from 34 in February 2006, and the average list-to-sale price ratio remained stable at 98 per cent.
Toronto's Riverdale neighbourhood (E03) saw overall transactions increase by 38 per cent compared to mid-February of last year, fueled by strong sales of townhomes.
Detached homes were the most popular housing type in Mississauga's Cooksvile / Port Credit neighbourhood (W12) as overall sales to mid-month beat last year's pace by 25 per cent.
Brisk sales of condominiums pushed Willowdale (C07) to an overall sales increase of 26 per cent compared to mid-February of 2006.
North of Toronto, Richmond Hill South (N03) saw 25 per cent more transactions to mid-February than were recorded in the same timeframe last year.
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