February sales results from the Toronto Real Estate Board were almost identical to January. And for the first two weeks of March, results are eerily similar. It seems like we are just treading water because of the harsh weather. Overall sales in February were up by 2% over February of 2013. New listings were off by 1% from February of last year and active listings are now 12% lower than this time a year ago. For the first two weeks of March, sales are unchanged from the same time period last year and new listings are off by 10%. Bad weather and a lack of listings (not a lack of buyer interest) have certainly hampered the market.
Surprisingly, the condo market is outperforming the overall market. In February sales were 10% higher than a year ago. For downtown condos, the sales increase was even greater