Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”
New listings also increased in February, climbing 24 per cent compared to the same month last year.
“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”
New listings also increased in Vaughan in February, climbing 36 per cent compared to the same month last year. While this is a favourable trend for buyers looking for more available options in the market, the pace of new listings is still well below the pace of sales resulting in further market imbalance.
This fact is punctuated when we take a look at the active listings to real estate sales ratio for the month in Vaughan. In Feb 2010 that ratio was 1.7 compared to 6.7 in Feb 2009.
At the risk of being stigmatized as "just another one of those self serving REALTORS®", now may very well be a good time...well, you know the rest.
It would seem, I'm not the only one who believe this based on this latest Real Estate market opinion from the CHMC
If you have any questions about the latest data release or any other real estate matters, please feel free to contact me. I'm always here to help.
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