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Real Estate Updates on Market Trends, House Prices, Homes for Sale in the GTA, Mississauga, Toronto, Brampton, Oakville and Burlington. Sutton Realty Blog, Sutton Mortgage, Contact Sutton 416-896-3333, 905-896-3333 Canada Toll Free 1-800-265-1361

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Real Estate Market Update for February: Toronto Home Sales Slow but Prices Remain Strong

Homes for sale in MississaugaLooks like Home Buyers may have the Winter Blues... this seasons record amount of snow had some home buyers deciding to wait it out for the spring market.  

The Toronto Real Estate Board's February statistics indicated home sales dropped 11 percent for the Greater Toronto area, 14 percent in the City of Toronto and 9 percent in the 905 suburbs compared to February 2007, but the Average price in the GTA rose to $382,048 up 4% recorded in February of last year.

I am a little concerned if too many buyers are waiting for the spring market, we could see an increase in those bidding wars that buyers dread. 

Even with the slower sales, prices remained strong, the average DOM for a home was only 30.  Days on Market (or DOM as realtors refer to) is one of the indicators we watch closely, and 30 days in my opinion is very respectable and indicates a healthy market.  February List to Sale Ratio was 99 percent, indicating the average seller is priced competitively and standing firm on their price.

Toronto and surrounding area Buyers waiting for the Spring real estate market might want to reconsider putting on their winter boots now before things heat up.

Our GTA stats are reflective of the Toronto Real Estate Board results that track homes for sale in areas including Toronto, Vaughan, Richmond Hill, Mississauga, Brampton and Oakville areas. 

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