TORONTO, March 3, 2011 -- Greater Toronto REALTORS® reported 6,266 transactions through
the TorontoMLS® system in February 2011. This result was 14 per cent lower than the
record sales reported in February 2010.
While not representing a record, February 2011 sales were 50 per cent higher than the
number reported in February 2009 during the recession and slightly higher than the average
February sales over the previous ten years.
“Continued improvement in the GTA economy, including growth in jobs and incomes and a
declining unemployment rate, has kept the demand for ownership housing strong,” said
Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for February 2011 transactions was $454,423, which was more
than five per cent higher than the average selling price reported in February 2010.
“Market conditions remain quite tight in the GTA. There is enough competition between
home buyers to promote continued price growth,” said Jason Mercer, TREB’s Senior
Manager of Market Analysis.