Toronto Real Estate Sales in February Fall 14% from 2007

Montreal – The Toronto area has seen a significant drop in resale home transactions for the first two weeks of February compared to the same period a year ago, the Toronto Real Estate Board reported.

The first half of February yielded 2,775 sales in the Greater Toronto Area, down 14% from the 3,240 recorded during the same period in 2007. The moderation was even more pronounced in the City of Toronto, which saw sales fall 18% to 1,066 compared to last February’s 1,308.

Toronto Real Estate Board Reports Sales Near 3,000

Resale home transactions in the Greater Toronto Area declined in the first two weeks of February, Toronto Real Estate Board President Maureen O'Neill announced today.

The first half of the month yielded 2,775 transactions, down 14 per cent from the 3,240 sales recorded in the same timeframe last year. The moderation in sales was more pronounced within the City of Toronto--down 18 per cent to 1,066 from last February's 1,308-than in the 905 suburbs, which saw transactions off 11 per cent.

Canadian existing home sales edge lower in January

"CREA had expected the growth in average price to slow in 2008, which is reflected in many markets. Sales levels are returning to what we would consider, on an historical basis, as more normal activity."

Cities that saw fewer sales were Toronto, Calgary, London and St. Thomas, Vancouver, St. Catharines, Halifax and Victoria.

Calgary real estate market healthy

CALGARY - Canada's real estate market remains healthy despite the current credit situation that is reverberating out of the United States and the Calgary market continues to be an attractive one for potential investors, says a global report released today.

DTZ Barnicke's "Global Views 2008" real estate report said 2007 was another strong year for investment activity as "investors, both foreign and domestic, continued to view Canada in a positive light.