January 20, 2010 - Home sales in the Greater Toronto Area are up, according to the Toronto Real Estate Board, which reported 1,749 existing home sales on MLS during the first two weeks of January. This result was almost double the 888 sales reported for the same period in 2009, when sales had dipped to a recessionary low.
"We have had a strong start to 2010," says TREB president, Tom Lebour. "Widespread sales growth in terms of geography and housing type indicates that many households remain confident in their ability to purchase and pay for a home over the long-term."
The average price for transactions in the first two weeks of January was $395,307, compared to an average of $332,495 for the same period in 2009.
"Double-digit average annual price growth will continue through the first quarter of 2010 as sales remain high relative to listings and we continue to make comparisons to last year's winter downturn," says Jason Mercer, senior manager of market analysis at TREB.