Market Takes Off in February

TORONTO - February 16, 2005--The Toronto real estate market picked up speed in the first half of February, with almost 300 homes changing hands per day.*

"The total for February to date is 2,924 sales, a 14 per cent increase over the same period last year," said TREB President Ron Abraham. "It’s also up 65 per cent over the first few weeks of January, which is a normal reflection of the market as we approach the spring months."

Areas that have experienced a particularly dramatic surge of activity include Davisville, Willowdale and York Mills. In fact, many parts of central Toronto including the downtown core, Rosedale and Lawrence Manor have seen considerable activity.
In the city’s East end, sales in Pickering have outpaced all other districts in the region, while the Beaches also remain vibrant.

"We project approximately 6,000 sales for the month, which will not exceed the February 2002 record of 6,866 sales but will still represent a strong market," said Mr. Abraham.

Prices continued to edge higher in the first part of February, reaching $332,057, a seven per cent increase over the end of February 2004.

"Price increases are healthy but not excessive," the President commented. "This benefits potential sellers, but does not drive first-time buyers out of the market."
"With interest rates continuing to make home ownership so affordable, it’s no wonder that so many people in the Greater Toronto Area are planning their next move."
Serving more than 21,000 REALTORS throughout the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.

 

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* Please note that TREB counts by business or sales days. In a 30 day month, there will usually be about 20 sales days, depending on when the weekends fall, holidays,
and so on.