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TREB’s Monthly Recap: Re-Sale Prices Up 11% in February

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Toronto Real Estate Board (TREB) has released their monthly MLS® Update. There were 7,032 units sold thorough the Toronto MLS® system in the month of February with average prices at $502,508. That is nearly $50,000 higher than the same period last year and over

 

“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied,” said Toronto Real Estate Board President Richard Silver.

On average homes were sold for 99 per cent of the asking price in February.

Here are the details from today’s press release:

 

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