Feb 23, 2010 - Property sales in Toronto skyrocket 74 per cent in the first two weeks of February, compared to 2009 when the recession was at its height, reports Greater Toronto Realtors.

There were 3,555 sales through MLS during the first half of this month, compared to 2,044 during the same period in 2009. This month's activity was 7.7 per cent higher than the previous record in 2006.

"Home ownership demand remains strong in the Greater Toronto Area (GTA), as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," says Tom Lebour, president of the Toronto Real Estate Board.

Accordingly, the increased activity has led to higher prices as well. The average price for February mid-month transactions was $429,997, up 18 per cent from 2009. That's also drawn more sellers out hoping to cash in. New listings with the Toronto Real Estate Board's boundaries were up 15 per cent to 6,212.

The board's senior market analyst Jason Mercer says double-digit price increases wil continue through the first quarter of the year.

"However, as new listings continue to increase,  creating a better supplied market, we will see the annual rate of price growth moderate into the single digits," says Mercer.