Wednesday, February 03, 2010

Toronto existing home sales skyrocket 87 per cent

The January real estate market started 2010 at full gallop, with sales up 87 per cent from the year before, according to figures released today.

There were 4,986 existing home sales in January, compared to 2,670 sales the year before when sales hit an all-time low for the month, according to a report by the Toronto Real Estate Board.

“The Greater Toronto Area home market has rebounded well from the lows in sales experienced at the beginning of 2009,” said Tom Lebour, president of the board.

Placed in perspective, this January’s sales were slightly higher than the January average in the years preceding 2009 when the economy faced recession.

The average price of a home this January hit $409,058, up 19 per cent compared with $343,632 in the same month last year.

TREB warned comparisons to last year will continue to be extreme in the first quarter of this year as “we continue to make comparisons to weak market conditions at the beginning of 2009.”

Jason Mercer, senior manager of market analysis for TREB said sales and price growth is expected to be slower in the second half of this year.

Source: Tony Wong, Toronto Star - Feb 3, 2010

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