| Friday
March 1, 2002. |
| Toronto Residential Real Estate Market Report for February 2002 |
| Multiple Records Set in February |
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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 singlefamily 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. |