Toronto home sales fall in February

TREB reported sales in February fell to 6,266 transactions, down 14% when compared to January.

“Continued 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,” said TREB President Bill Johnston.

The average residential sales price rose to $454,423, a 5% increase from the average reported in February 2010.

“Market conditions remain quite tight in the GTA. There is enough competition between homebuyers to promote continued price growth,” said Jason Mercer, TREB’s senior manager of market analysis.

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