Final Results Are Now In For February Toronto Real Estate Sales

My Toronto MLS sales predictions of earlier this week were right on… the average sale price for the month came in at $361,305, down 5.4% from the average in February 2008.

Looking at our Central Toronto market area for condominiums (C01, C08, C07 and C14), listing inventory was up and sales were down, sometimes dramatically.

As you can see from the table above, all the TREB districts tracked for condo sales showed a ratio of sales-to-listings higher than the 19.2% posted for the GTA as a whole. In fact, C08 (Yonge east to the Don Valley and from Lake Ontario north to Bloor) showed the highest with a 27.9% ratio.

That correlates with the fact that condominiums east of Yonge are currently offering the best dollar-per-square foot value in our Central Toronto Market Area.

Although the average sale price percentage was down 32.4% in C08, that doesn’t mean that overall prices were down that much.

Since it’s an average, it is just showing us that there were more buyers in the lower price ranges this year than last… which makes sense given the economy and looking at the demographics of who is buying out there.

The ratio of Toronto condo sales-to-total MLS sales dropped in the month to 29.3% – down from 31.8% in January. This is indicative of the sharp price drop in houses throughout the GTA making them more affordable and therefore more attractive to home buyers.

To view the full Toronto Real Estate Board MarketWatch report for February CLICK HERE.

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