TORONTO, ONTARIO--(Marketwire - Feb. 16, 2012) - Greater Toronto REALTORS® reported 3,206 sales through the TorontoMLS® system through the first 14 days of February 2012 - up by more than nine per cent compared to the 2,933 sales reported during the same period in 2011. New listings were up by 13 per cent over the same period.

"The GTA resale home market became better supplied during the first 14 days of February. If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rates of price growth later in 2012," said Toronto Real Estate Board (TREB) President Richard Silver.

The average selling price during the first 14 days of February was $491,493 - up by nine per cent compared to the first 14 days of February 2011. On average, sellers received 99 per cent of their asking price and their homes were on the market for an average of 25 days.

"Both buyers and sellers are aware of the substantial competition that exists for most listings in the GTA. There is not a mismatch in expectations, so homes sell quickly at close to the asking price," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS® Sales and Average Price
			February 1 - 14
			2012		2011
			Average		Average
		Sales	Price	Sales	Price
City of Toronto ("416")		1,214	$543,068	1,244	$499,489
Rest of GTA ("905")		1,992	$460,061	1,689	$414,958
GTA		3,206	$491,493	2,933	$450,811
		TorontoMLS® Sales & Average Price By Home Type
				February 1 - 14, 2012
			Sales			Average Price
		416	905	Total	416	905	Total
Detached		417	1,154	1,571	776,011	553,233	612,366
	Yr./Yr. % Change	8%	22%	18%	3%	11%	7%
Semi-Detached		131	209	340	595,453	382,458	464,524
	Yr./Yr. % Change	-2%	12%	6%	18%	9%	12%
Townhouse		103	343	446	390,750	341,459	352,842
	Yr./Yr. % Change	-12%	11%	5%	0%	10%	6%
Condo Apartment		552	247	799	388,215	269,637	351,558
	Yr./Yr. % Change	-7%	15%	-1%	8%	4%	5%

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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