First Half Stats For February Sales In Toronto Show Increase In Average Sale Price

Sales of houses and condos in the GTA were down in the first half of the month of February by 14% from the same period last year.  The average sale price however came in at $385,735, up 7% compared to one year ago.

If you isolate just the City of Toronto home sales, the average sale price rose 11% from February 2007.

So why were sales down?  One of the major reasons we believe was the severe weather we’ve been having.  Bitter cold and mountains of snow disuade buyers from venturing out to look at homes and persuade sellers to wait for the climate to turn just a bit warmer.

Listing inventory is now at 17,610 houses and condominiums compared to 19,359 last year. 

If you’re buying, have patience.  Inventory will improve as soon as the outside temperatures moderate. 

If you’re selling, a good time to put your home on the market would be as soon as some of those snowbanks disappear so buyers can actually find a parking space to come in and take a look!

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