â€œContinued improvement in the GTA (Greater Toronto Area) economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong,â€ said TREB President Bill Johnston.
The average residential sales price rose to $454,423, a 5% increase from the average reported in February 2010.
â€œMarket conditions remain quite tight in the GTA. There is enough competition between homebuyers to promote continued price growth,â€ said Jason Mercer, TREBâ€™s senior manager of market analysis.
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TREB reported sales in February fell to 6,266 transactions, down 14% when compared to January.