According to new numbers released by the GTA Realtors, there is a steep decline in resales from this time last year. The market is currently unable to maintain the record-breaking pace from last February, but there is still robust activity.
There were 3,084 resales during the first two weeks of February 2011- which represents a 13% decrease from the same two weeks, this time last year.
"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.
While resales transaction numbers are down, prices are up. This year, during the first two weeks of February, the average price for transactions was $451,257; this signals a 5 % increase over the same time frame last year.
"Average selling price growth for existing homes is expected to range between three and five per cent 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.
Looking at different home types year-over-year for the first two weeks of February , sales for Detached homes were down 17%, but prices rose by 7%.; sales for Semi-detached homes fell by 11%, but prices rose by 6%; townhouse sales fell by 16%, and prices remained steady; sales numbers for condos fell by 5%, and prices increased by 6%.
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