Toronto Real Estate Board statistics show that the house and condo listing inventory for February was the lowest in board history. A lack of Toronto homes for sale is one of the major causes of the busy market we encountered last month.
In this February 2011 Toronto Real Estate Market Report we talk about some of the reasons we think are behind the scarcity of properties for sale.
February MLS sales totalled 6,266 in all the Toronto Real Estate Board districts. Although this number is down 14% from February of 2010, sales this year were actually higher than 7 of the last 12 years. Don’t forget the spring of 2010 was an exceptionally high period of sales and was not “normal” for the period.
33.6% of the market were condo townhouse and high-rise sales. This is up almost 2% from a year ago, reflecting an increasing marketplace reliance on affordable condominiums.
Despite the media scare tactics encountered in the last six months, the average sale price of $454,423 was up 5.3% from February 2010. It’s actually up from last May, the highest month in 2010.
Watch our entire February 2011 Toronto Real Estate Market Report to get all the details and our professional analysis.
To look at all the February statistics, download the entire Toronto Real Estate Board MarketWatch Report
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