The Toronto Real Estate released the February Numbers and we were not surprised that they weren’t as bad as January. Lets not forget that January beat us up with record levels of snow and frigid temperatures. It was hard enough going to work through the white stuff let alone trying to show homes. The number were as follows:
- The TREB Market Watch reported a total of 4120 sales in 2009 compared to 6015 sales in 2008. A total drop of 32% across the entire MLS;
- New listings of homes coming on the market lowered by 11% to a total of 10,239;
- Active listings increased to 21,440 or 19%;
- The Days on market went from 30 days to 45 days. Even though it may be a 50% increase, it is still a very reasonable amount of time to sell a property;
- The average home price dipped to $361,305 compared to $382,048. That is presently a higher value then prices in 2006. The values in 2006 was $351,941. Its important that we also note that values always dip throughout the winter months and then increase in the Spring Market. It’s also exciting to share that our personal sales results from February outperformed TREB. At RE/MAX Ultimate our overall home unit sales increased by 15% and over last year.
RE/MAX also released a report that explains that first time buyers are also a driving force in the market and with affordability never being better, the outlook of an amazing Spring couldn’t be better. To see a copy of the full RE/MAX report, please click here
What February Blahs?? 
Tim Syrianos
RE/MAX Ultimate Realty Inc., Brokerage
Filed under: Home Buyer tips, Home Seller tips, Toronto Market Watch Tagged: | Home Buyer tips, Toronto Market Watch, Toronto Real Estate Update
