In February, the price of homes sold through the TREB MLS system rose 7 per cent over the previous month, 3 per cent over February 2000 and, at $252,072, reached its highest level in 10 years, Toronto Real Estate Board President David Pearce announced today.
“Clearly we are in a seller’s market,” the President said. “However, our inventory of listings is over 20% higher than it was at the same last year. More product means a moderating influence on price increases over the short and medium term.” The president went on to note that, with 4,761 home sales in February, the local real estate market seemed to be defying predictions of an economic slowdown. This figure was up about 1% from the 4,731 recorded last February.
Breaking down the total 1,752 sales were reported in TREB’s 28 West districts and averaged $231,272; 772 sales were reported in the 14 Central districts and averaged $364,731; 890 sales were reported in the 23 North districts and averaged $271,451; and 1,347 sales were reported in TREB’s 21 East districts and averaged $201,756.