A recent report from Greater Toronto Realtors found a total of 3,206 home sales through the Toronto MLS system for the first two weeks of February 2012.
This is a 9 percent increase compared with the 2,933 home sales recorded during the same time last year. In addition, new listings were up 13 percent on a year-over-year basis.
"The Greater Toronto Area resale home market became better supplied during the first 14 days of February," said Richard Silver, president of the Toronto Real Estate Board. "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."
Also, the city of Toronto registered 1,214 home sales during that two-week period, compared with 1,244 sales for the same time last year. The rest of the GTA recorded 1,992 sales between February 1 and 14 this year, compared with 1,689 last year.
Meanwhile, a recent report from the Canada Mortgage and Housing Corporation concerning the Atlantic housing market outlook showed the area's performance this year could be affected by the remaining apartment inventory currently under construction.