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Toronto Real Estate Sales in February Fall 14% from 2007
11:47 02/21 (CEP News) Montreal – The Toronto area has seen a significant drop in resale home transactions for the first two weeks of February compared to the same period a year ago, the Toronto Real Estate Board reported.
The first half of February yielded 2,775 sales in the Greater Toronto Area, down 14% from the 3,240 recorded during the same period in 2007. The moderation was even more pronounced in the City of Toronto, which saw sales fall 18% to 1,066 compared to last February’s 1,308.
“It’s important to recognize that the mid-month report provides an indication of market conditions based on a very brief period,” noted Toronto Real Estate Board President Maureen O’Neill. “However, we believe the harsh winter weather we’ve experienced in the early part of the month has had a negative impact on both sales and inventory levels.”
The report also noted that the average price of a home in the GTA rose 7% on the year to $385,735 from $358,533 in February 2007. Within the City of Toronto, the average price rose 11% to $434,657.
O’Neill noted the real estate board is optimistic sales will pick up in the spring because “the economic fundamentals remain in place.”
By Stephen Huebl, shuebl@economicnews.ca, edited by Nancy Girgis, ngirgis@economicnews.ca
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