Toronto, march 17, 2010 – Greater Toronto Realtors reported 4,353 sales through the Multiple Listing Service (MLS) during the first two weeks of March.
This represented a seventy percent increase compared to the 2, 562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession. The mid-month sales total was also sixteen percent higher than the previous march mid-month high reached in 2006.
“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market. Every year, monthly sales climb steadily through May,” said the Toronto Real Estate Board President, Tom Lebour. “People are buying homes because they are confident in the current economic recovery and mortgage payments on the average priced home remain affordable.”
the average price for march mid-month transactions are $440, 153 – a twenty percent increase over 2009. New listings within the Toronto Real Estate Board boundaries were up thirty-four percent to 8,540.
“Look for double digit annual price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009,” said Jason mercer, TREB’s Senior Manager of Market Analysis. “Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”