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GTA home sales rebound in February

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by Dcn Digital Media

Home sales have rebounded through mid-February since last month, according to the latest report by the Toronto Real Estate Board (TREB).

TORONTO

Home sales have rebounded through mid-February since last month, according to the latest report by the Toronto Real Estate Board (TREB).

In the first 14 days of February, Greater Toronto Area REALTORS reported 2,767 sales through the MLS system, a 1.3 per cent increase from the same time last year.

“While new listings were still down in comparison to last year, the annual rate of decline was less than experienced last month,” said TREB president Dianne Usher.

“This may point to an improvement in the listings situation moving forward, which would help alleviate some of the pent-up demand that currently exists in the marketplace.”

New listings dipped 6.1 per cent on a year-over-year basis.

“Price growth well above the rate of inflation will be the norm for the remainder of the year. Over the same period, mortgage rates are expected to remain low, thereby keeping home ownership affordable in the GTA,” said TREB senior manager of market analysis Jason Mercer.

The average selling price through the first two week of February was $547,107, a 7.8 per cent jump from the same time last year.

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