GTA REALTORS® REPORT MID-FEBRUARY RESALE HOUSING MARKET FIGURES
TORONTO, February 18, 2010 -- Greater Toronto REALTORS reported 3,555 sales through
the Multiple Listing Service during the first two weeks of February.
This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006.The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were up 15 per cent to 6,212.

It seems likely that prices will continue to increase for the first quarter but that the rate of increase will moderate as more sellers enter the market. This will address the current market imbalance between buyers and sellers. the finance minister' recent changes to mortgage availability are largely cosmetic and will have little to no effect.

Core inflation is at or close to target at 2%, far from the level at which interest rate revision would be called for.
Summary Of February Sales And Average Price:

                                                                         February
                                                                  2010                                          2009
                                            Sales Average                   Price                   Sales               Average Price
City of Toronto ("416")            1,430                       $471,958                   816               $400,467
Rest of GTA ("905")                2,125                       $401,760                 1,228              $341,013
GTA                                         3,555                      $429,997                 2,044               $364,748
Source: Toronto Real Estate Board