Toronto Resale Housing at 2,000 Sales in Mid-November
TORONTO, November 19, 2008 – Greater Toronto
1,991 resale transactions during the first half of November 2008 from 3,544
sales recorded during the same period a year ago, Toronto Real Estate Board
President Maureen O’Neill announced today.
The Greater Toronto Area year-to-date figures show 70,474 sales
in 2008 from 84,994 recorded during the same period in 2007. The year-to-date
average price was recorded at $380,470 in 2008 from $374,678 in 2007.
In the 416 area, 830 homes changed hands in the first two weeks
of November from 1,643 transactions recorded during the same time frame a year
ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007.
It’s particularly important to interpret the 416 area
statistics in context given the market surge we saw a year ago when buyers
moved to avoid the new Toronto Land Transfer Tax,” said
Ms. O’Neill. “At mid- month a year ago, transactions in the 416
area had increased 24 per cent over the same period in 2006.”
In the first two weeks of November 2008, the average price of a home in the GTA was $375,712 compared to $393,084 recorded a year ago.
In the 416 area, homes are currently selling for an average
of $400,305 from the $432,972 average recorded during the same time period
in 2007. An average price of $383,029 was recorded in the first two weeks of
In the 905 Region the average price is currently $358,130 from $358,610 recorded
a year ago. During the
first half of November 2006 the average price was recorded at $336,576.
“As an investment, a home not only offers shelter and
an environment in which life’s most important moments are shared, but
also offers financial appreciation in the long term, said Ms. O’Neill.”
Currently there are 27,562 homes listed for sale on the TorontoMLS
system compared to a year ago when 20,173 properties were available. As such,
the average time homes are remaining on the market is 41 days from 31 days
in 2007. Sellers are currently achieving 97 per cent of their list price.
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