In the first half of February, the Toronto-area resale housing market posted a nearly 13 percent increase in sales over the same period a year ago, the Toronto Real Estate Board reported.

Realtors documented 3,301 sales during the first half of this month, up from 2,924 posted at mid-month in February 2005.

This month’s to-date sales were 119 percent higher than just one month ago and were slightly ahead of the record-setting first half of February 2002, when 3,286 transactions were recorded, the board reported.

“The market is off to a solid start, though it’s obviously still very early in the season,” said TREB President John Meehan. “The mild winter has likely contributed to higher activity, but nevertheless a strong performance like this is evidence of the overall health of the market.”

At mid-month, some of the most active areas compared to mid-February 2005 were found in the west end of the city of Toronto, outside the downtown core:

  • One large area east of the Humber River, stretching from High Park in the south up to Downsview, showed an average of 68 percent more overall transactions compared to mid-February of last year. Detached homes are the most common housing type in this area.

  • In the east, the Guildwood/Scarborough Village area of Toronto saw 44 percent more overall transactions than a year ago, led by sales of detached homes.

  • Outside Toronto, sales activity to mid-month in the town of Whitby was 43 percent higher than during the same time frame a year ago.

The average price of a home in mid-February was $348,804, up 12 percent from the $311,065 recorded at the same point in January, and up 4 percent over the $334,968 recorded a year ago.

The Toronto Real Estate Board serves more than 23,000 Realtors throughout the Greater Toronto area.

***

What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top