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TORONTO, January 19, 2009 – Greater Toronto REALTORS® reported 888 sales during the first half of January compared to 1,776 in the first 15 days of 2008. “According to Statistics Canada the economic situation throughout Canada changed noticeably over the past year with job losses in the fourth quarter of 2008. Toronto is not immune to this, the GTA housing market has been impacted,” according to TREB President Maureen O’Neill.
The average GTA price mid-way through January is $332,495 from $367,574 during the same period in 2008. The median GTA price was $301,000 compared to 316,000 last year. “While sales have declined, listings have remained high. GTA home buyers have benefitted from more choice,” explained Ms. O’Neill. “Historically, increased choice in the marketplace has equated to a moderation in price growth.”
In January 2009, stronger declines in sales and prices were experienced in the City of Toronto. “Sales for January a year ago may have been elevated by the flurry of transactions completed before the city’s land transfer tax went into effect,” added Ms. O’Neill.
“The costs of home ownership in the 416 has increased due to the added land transfer tax many home buyers now face in the City of Toronto. Some households considering the purchase of a home in the City have either put their decision on hold or looked elsewhere in the GTA.”
SUMMARY OF MID?MONTH JANUARY SALES AND AVERAGE PRICE 2008 ? 2009
2009
City of Toronto (“416”)
Sales 369
Average Price $350,835
2008
City of Toronto (“416”)
Sales 800
Average Price $394,205
2009
Rest of GTA (“905”)
Sales 519
Average Price $319,455
2008
Rest of GTA (“905”)
Sales 976
Average Price $345,745
2009
GTA
Sales 888
Average Price $332,495
2008
GTA
Sales 1,776
Average Price $367,574
Source: Toronto Real Estate Board
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on ww.TorontoRealEstateBoard.com.
For more information or what this means to you, please feel free to contact me.
The contributing factor,
Addy Saeed
Real Estate Sales Representative
Re/max Active Realty Inc., Brokerage
Dir: 1-877-HEY-ADDY (439-2339)
Web: www.HeyAddy.com
