Greater Toronto REALTORS® reported 4,138 sales during the first two weeks of March 2011 a five per cent decrease compared to the first two weeks of March 2010. The number of new listings also dipped – down by 15 per cent compared to the same period last year.
But Ontario housing starts grew for the third consecutive month in February. Ontario’s seasonally adjusted and annualized home starts hit 62,000 units, up from 48,400 in January, or a 29% increase. Multi family construction, which includes condos, row houses and town homes, was the biggest driver. But single detached housing also edged higher, posting better than expected activity. The Toronto market was largely responsible for the big increase in Ontario.
“A positive economic outlook for the Greater Toronto Area, including steady growth in jobs and incomes, has kept households confident in their ability to purchase and pay for a home over the long term,” said Toronto Real Estate Board (TREB) President Bill Johnston.
The average price for transactions during the first 14 days of March was $460,196, representing a 4.6 per cent increase compared to the first two weeks of March 2010.
“Market conditions are tighter compared to this time last year, resulting in more competition between buyers and sustained upward pressure on the average selling price. The annual rate of price growth is expected to range between three and five per cent in 2011,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.