Average Selling Price Up in February $454,423

Greater Toronto Realtors reported 6,266 transactions through the Toronto MLS® system in February 2011. This result was 14 per cent lower than the record sales reported in February 2010. But the average selling price was up and February 2011 sales were 50% 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..

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