Sales of existing homes rose to 6,756 in February, a nine per cent increase over the same month last year, TREB President John Meehan announced today.

“The Toronto resale market is accelerating nicely as we move towards Spring,” the President said. “It looks like another healthy year ahead of us.” Mr. Meehan further noted that February’s performance was the second best for the month ever recorded and up 47 per cent from January, which is in line with seasonal trends. On the pricing front, the average in February rose to $353,928, a six per cent increase over both February 2005 and January’s figure of $332,687. The median price told much the same story, rising six per cent to $298,000 over $281,000 recorded during last Feburary, and up three per cent over January 2006.

Breaking down the total, 2,524 sales were reported in TREB’s 28 West districts and averaged $333,969; 1,219 sales were reported in the 14 Central districts and averaged $465,484; 1,344 sales were reported in the 23 North districts and averaged $377,795; and 1,669; sales were reported in TREB’s 21 East districts and averaged $283,414.

Click to view Residential Market Update – February 2006