The upcoming tightening of mortgage lending in Canada in March has not been enough to encourage Toronto buyers in February to reach record sales levels. Buyers, it seems, are more cautious than this time last year.
The upcoming tightening of mortgage lending in Canada in March has not been enough to encourage Toronto buyers in February to reach record sales levels. Buyers, it seems, are more cautious than this time last year.
Housing sales in Toronto were down in mid-February this year compared to last year, but average prices in the city had nearly reached $500,000.
The Greater Toronto Realtors mid-month report showed sales dropped from 1,430 for the first two weeks of February in 2010 to 1,291 during the same period this year, a 13% slide. All categories of housing in both the city and suburban regions of Toronto saw drops in sales this month compared to the first half of February 2010.
But housing prices in the GTA were up to $451,257 this February, compared to $429,997 last year, a 5% increase. Slightly more was the 6% increase in the City of Toronto, going from $471,958 in the first half of last February to $499,861 this year.
“Average selling price growth for existing homes is expected to range between 3-5% this year,” said Jason Mercer, the board’s senior manager of market analysis. “Tighter market conditions over the last four months have pushed price growth to the top end of this range.”
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