February resales slow as fewer owners put homes on the market

Published: Saturday, March 08, 2008

A total of 6,015 resale home transactions were recorded for last month, down 11% in the greater Toronto area overall, 14% in the City of Toronto and 9% in the 905 suburbs, compared with February, 2007, reports the Toronto Real Estate Board (TREB). This is due to a 7% decrease in inventory from last year. TREB also notes available properties are selling fairly quickly. Despite the decrease in the number of sales from this time last year, there was positive news for sellers with respect to prices in February. At $382,048 in the greater Toronto area and $424,235 in the City of Toronto, the average price increased 4% and 2% respectively compared with February, 2007. Some areas experienced strong sales: Pickering (up 28% on strong condo sales), Rexdale (up 18%, also on strong condo sales) and Richmond Hill (up 19%, on account of strong detached-home transactions).

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