Less Inventory = Buyers Competing for Homes = Great Sellers' Market!!!

February 18, 2011

Greater Toronto REALTORS® reported 3,084 sales during  the first two weeks of February 2011 – a 13% decrease compared to the first two weeks of  February 2010.

"We are on pace for a strong sales result in February, but transactions will come in lower than the record result reported last February. Sales remain strong because the GTA resale market contains a diversity of housing types catering to a wide array of home ownership needs," said Toronto Real Estate Board (TREB) President Bill Johnston.

The average price for transactions during the first 14 days of February was $451,257, representing a five% increase compared to the first two weeks of February 2010.

"Average selling price growth for existing homes is expected to range between three and five percent this year. Tighter market conditions over the last four months have pushed price growth to the top end of this range," said Jason Mercer, TREB's Senior Manager of Market Analysis.

 

** Provided By TREB, February 17, 2011


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Mary Nacarato & Mandy Coz Sales Representatives
RE/MAX Premier Inc., Brokerage Independently owned and operated
9100 Jane Street
Vaughan, ON   L4K 0A4

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