According to the Toronto Real Estate Board, resale homes didn’t do so well in the first couple weeks of February. Resale home transactions were down by 14% when compared to figures last year. For the first two weeks of February 2008, 2,775 transactions were recorded, while in 2007 in the same timeframe, there were 3,240.

Some factors blamed for this decline included the heavy snowfalls and cold weather experienced in early February, since this makes it more difficult to show houses, which leads to more sellers reluctant to list.

But, hey, at least the average price rose to $385,735, up from $358,533 recorded around the same time last year. Plus, with homes on the market for an average of 31 days instead of 35 for 2007, it doesn’t seem so bad, does it? The Toronto real estate market is still hot.

This entry was posted on Friday, February 22nd, 2008 at 10:56 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.