Multiple Records Set in February

The GTA residential Real Estate Market put in an astounding performance in February, with sales setting a new high for that month and prices reaching levels not seen in over a decade, TREB President David Pearce announced today. "TREB Members reported 6,866 sales in February, up 44% from the 4,761 sales recorded last year, and up 22% from the 5,604 sales recorded in our previous best February, which occurred in 1987."

"In additition, the average price for single-family dwellings was $270,883 in February," Mr. Pearce continued. "This is up 7% from the February 2001, and up 4% from the $262,919 recorded just last month. It is also the first time since 1990 that prices have broken the $270,000 level."

"We are in a a classic "seller's market," Pearce noted. "For the first time since figures have been kept, the list-to-sale price ratio (the ratio between the listing and selling price) reached 100% in our Central Area. That means that sellers within the new City of Toronto were getting pretty much the price they asked for."

Breaking down the total, 2,613 sales were reported in TREB's 28 West districts and averaged $248,617; 1,091 sales were reported in the 14 Central districts and averaged $389,093; 1,330 sales were reported in the 23 North districts and averaged $288,425; and 1,832 sales were reported in TREB's 21 East districts and averaged $219,513.

Neighbourhood Corner
Scarborough

Scarborough (districts E-4 to E-11) has remained an island of relative affordability thus far in 2002, with a year-to-date average price of $216,051, far less than the GTA-wide figure. Nevertheless, that price is an 11% increase on the $194,349 recorded during the same time-frame in 2001. Further, there were 1,166 single-family-dwelling sales in the Scarborough area during the first two months of this year, a 36% increase from the 858 sales recorded in Jan.-Feb. 2001.