Existing home sales in the Toronto area were up by 77 per cent in February compared with the same time last year, according to figures released today ('February 2010' link).
The Toronto Real Estate Board said 7,291 homes changed hands last month compared with 4,120 homes in February of 2009.
The average price of a home was also up by 19 per cent to $431,509. Keep in mind however that we are comparing the number to last year's figures which were down versus 2008. We wait to see what happens the 2nd half of the year when HST kicks in and the expected interest rate climb starts.
Good news for buyers is the number of listings has increased year over year - necessary because there is a shortage of good homes on the market.
