19 February, 2014 15:34

TORONTO, February 19, 2014 — Toronto Real estate Board President Dianne Usher commented "sales growth has reflected back so far in February after a slow beginning to the year in January. While new listings were still down in comparison to last year, the yearly rate of decline was a little bit less than experienced last month. This can point to an improvement in the listings situation moving forward, which would help lessen some of the pent-up demand that currently exists in the market." .

Greater Toronto Area REALTORS reported 2,767 sales through the TorontoMLS system during the first Fourteen days of Feb. This result was up by 1.3 per cent compared with 2,731 transactions reported in the same period in 2013. New listings were down by 6.1 per cent on a year-over-year basis. Over the same period, mortgage rates are expected to stay low, so keeping home ownership cheap in the GTA," announced Jason Mercer, TREB’s Senior Manager of Market Analysis.

The average selling price in the first two weeks of Feb 2014 was $547,107 up 7.8 percent matched against the average of $507,474 for the 1st 14 days of Feb 2013.