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GTA REALTORS(R) Release Resale Monthly Market Figures

(March 05, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 03/05/12 -- Greater Toronto REALTORS?? reported 7,032 sales in February 2012 - up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684. It is important to note that 2012 is a leap year, with one more day in February. Over the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively.

"With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied," said Toronto Real Estate Board President Richard Silver.

"It is important to note that both buyers and sellers are aware of current market conditions. This is evidenced by the fact that homes sold, on average, for 99 per cent of the asking price in February," continued Silver.

The average selling price in the TREB market area was $502,508 in February - up 11 per cent compared to February 2011. The Composite MLS?? Home Price Index for TREB, which provides a less volatile measure of price growth compared to the average price, was up by 7.3 per cent compared February 2011.


"If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards," said Jason Mercer, TREB's Senior Manager of Market Analysis. "While price growth remains strong, the average selling price remains affordable from a mortgage lending perspective for a household earning the average income in the GTA."

Summary of TorontoMLS?? Sales and Average Price February 1 - 29 ---------------------------------------------------------------------------- 2012 2011 ----------------------------------------------------- Sales Average Price Sales Average Price City of Toronto ("416") 2,686 $553,519 2,527 $497,180 Rest of GTA ("905") 4,346 $470,981 3,531 $421,946 GTA 7,032 $502,508 6,058 $453,329 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- TorontoMLS?? Sales & Average Price By Home Type Sales Average Price 416 905 Total 416 905 Total --------------------------------------------------------- Detached 927 2,500 3,427 818,815 568,322 636,080 Yr./Yr. % Change 12% 29% 24% 13% 11% 10% Semi-Detached 283 474 757 585,325 384,320 459,464 Yr./Yr. % Change 7% 18% 14% 12% 10% 10% Townhouse 238 749 987 432,493 347,424 367,937 Yr./Yr. % Change -13% 11% 4% 11% 11% 10% Condo Apartment 1,212 514 1,726 371,334 270,143 341,199 Yr./Yr. % Change 7% 19% 10% 4% 4% 3% ---------------------------------------------------------------------------- ----------------------------------------------------------------------------

Greater Toronto REALTORS?? are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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Get the latest real estate news & Market Watch information & summary videos www.TorontoRealEstateBoard.com.

Contacts:
Media Inquiries:
Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com


Copyright @ Marketwire

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