Toronto Area Housing Market Update: February 2007

By: Leaftech

The Toronto Real Estate Board (TREB) reports the second best February ever!

According to TREB's monthly housing report entitled Market Watch, 'TREB members reported 6,772 sales in February, an increase over February 2006 (6,756 sales) and the second best total for this month ever recorded, TREB President Dorothy Mason announced today.' 'While the weather last month may have been cold, Toronto's resale housing market remained hot,' noted Ms. Mason. 'And while it is too early to make predictions, it is clear from the start of 2007 that the spring season is likely to produce sales numbers at least comparable to those of the past several years, which have been record or near-record performances.'

In our market (Halton Hills and surrounding area) the statistics for the sale of detached homes were excellent as well. This February had slightly more listings on the market and slightly more sales compared with last year. The average price this year was up slightly at $341,613 compared with $326,560 one year ago, a gain of almost 5%.

Here are the actual numbers taken from MLS statistics.

February 2007 Listings - 187Sales Feb - 87Sales YTD - 139
February 2006 Listings - 175Sales Feb - 84Sales YTD - 141

Our impression is the market is quite strong for properties listed at $500,000 or less. However, there are very few listings in the popular, newer areas such as Georgetown South, Stewarts Mill and Trafalgar Country. Similarly in Acton there is a shortage of listings in newer areas. In these areas supply does not meet demand.

The Globe and Mail reported the following this morning:

'Canada's housing sector is showing it has plenty of life in it yet....Existing home sales hit record levels in January, housing starts increased 17.3 per cent and numbers released yesterday showed a huge jump in construction activity in the first month of the year...there are plenty of signs that the housing boom-now in its ninth year-could hang on to reach double-digits.'

'Michael Gregory, senior economist with BMO Nesbitt Burns Inc., says the long life of the current real estate cycle hinges on the surprising strength of the country's job market and income growth.'

To homeowners in Halton Hills (particularly the newer areas) who are thinking of selling, we suggest that you list your home soon to capture the current demand.

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