According to the Toronto Real Estate Board (TREB), there were 7,032 sales through the Multiple Listing Service (MLS) in February. This is an 16 per cent increase from February 2011.
February saw an average selling price of $502,508 - which is almost a eleven per cent increase from the average selling price of $453,329 reported in February 2011.
According to TREB president Richard Silver, homes sold for 99 per cent of the asking price in February. With only 2 months of inventory in the TREB market area, buyers are experiencing the results of the increasing average selling price.
The median price in February 2012 was $416,150.
The median price in February 2011 was $379,000.
"If tight market conditions continue to result in higher than expected price growth as we move into the spring, expectations for 2012 as a whole will have to be revised upwards" said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).