Toronto Resale Real Estate Falls in February

Toronto Real Estate Board Members recorded a respectable 6,015 sales during the month of February, although sales fell 11 per cent compared to last year February, TREB reported Wednesday.

“While sales were down over 2007, they are in line with historical levels for the month, and they should increase substantially as the GTA eases into spring,” president Maureen O’Neill said in TREB’s Market Watch newsletter.

Prices rose in February, with the average climbing to $382,048, up four per cent from the $367,687 recorded in February of last year. Days-on-Market stood at 30 days, and the list-to-sale price ratio was 99 per cent.

Activity within the City of Toronto generally matched that of the broader Greater Toronto Area (GTA). Sales moderated 14 per cent in the city to 2,310 from last year’s figure of 2,697 but prices rose two per cent to $424,235.

The board has more than 26,000 members and leads advocacy for the real estate sector in the Greater Toronto Area.

Canada’s real estate industry so far remains relatively unscathed by the sub-prime crisis that has his the USA but the ripple has been felt nationally with the government Statistics Canada reporting that the economy shrank 0.8 per cent in December.

About Mark Lee

Editor, author and writer with career spanning print, radio, television and new media.

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