Market Update for February 2008

The near record snowfall for February in the GTA had a cooling affect on resale homes. Sales were down 11% in the Greater Toronto Area. This comprised of 14% in the city of Toronto and 9% in the 905 areas (Mississauga, Oakville, Milton etc.) of the GTA compared to February of 2007. The winter weather and heavy snowfalls had a negative impact on both sales and inventory.
The Snowfall made it difficult for buyers to view homes on the market. It also resulted in fewer homes being listed, and thus less appealing inventory for the potential homebuyer was on the market.

Although, sales declined in the Greater Toronto Area, there were positive factors in the market. Properties listed are selling with a list to sale price ratio of 99% - very close to asking price. The time on market in February was 30 days compared to 35 days in February 2007. Many are optimistic of a strong spring market since the economic fundamentals remain in place - such as a stronger than expected jobs report for February 2007.

Are you ready to buy or sell in the Spring? Contact Leif Kalaas Your Right at Home Realty Realtor.