Read the article here.

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.

To see the full news release, go here.

The Canadian Mortgage and Housing Corporation (CMHC) just released a report projecting a steady growth in the housing markets for at least the next two years due to moderate economic growth and low mortgage rates.

“With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011,” said Mathieu Laberge, Deputy Chief Economist for CMHC.

Read the full report here.

Check out this great guide from the Star on Toronto’s current condo developments! Click here or on the map to see the full guide.

According to this Moneyville article, fundamental shifts in population and lifestyle are pairing with a growing backlash against urban sprawl, spurring one of the most pronounced and sustained real-estate booms in recent history. For first-time home buyers such as young adults and new immigrants, condos present a more affordable option. Similarily, condos are an attractve choice for empty-nesters looking to downsize to a smaller home, but for lifestyle reasons more than financial ones. Read the article for more on Canada’s condo boom!

Are you thinking about buying a home, or locking in a mortgage? According to Mark Weisleder, now is a great time to do so. Historically low mortgage rates and a steady real estate market are some of the draws. Read this article to find out more!

According to the Bank of Montreal, the state of Canada’s current housing market is somewhat pricey, but not a ‘bubble’. The report says that the alarms are exaggerated or simplistic, with the market likely to cool, rather than crash. Read more here!

Greater Toronto REALTORS® reported 1,506 sales through the TorontoMLS® system during the first two weeks of January 2012. This result represented a six per cent increase compared to the first 14 days of January 2011. New listings were also up on a year-over-year basis, but by a lesser 3.7 per cent.

“The market didn’t miss a beat after the holiday season, with robust sales growth continuing and sellers’ market conditions remaining in place. Strong competition between buyers continued to push the average selling price higher in the Greater Toronto Area relative to a year ago,” said Toronto Real Estate Board (TREB) President Richard Silver.

The average selling price during the first two weeks of 2012 was $444,473 – up by more than 8.5 per cent compared to the same period in 2011.

“Prices were up for most major home categories in the GTA in comparison to last year. The strongest price growth was for single-detached homes in the City of Toronto. The average price of singles in the 416 area code was up by 22 per cent year-over-year, pointing to a greater weighting of higher end detached homes changing hands compared to the same time last year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

To see the full news release, go here.