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Toronto Real Estate Board reports:
GTA Housing Market Rebound Continues in September
In September 2009, Greater Toronto Realtors reported 8,196 sales, up 28 per cent from September 2008. The average price for September transactions was $406,877 – up by 10 per cent compared to the same month last year.
“We have experienced an increasing rate of existing home price growth in the GTA as sales have continued outpace 2008 results,” said TREB President Tom Lebour. “Consumers have remained confident in ownership housing as a long-term investment.” Year-to-date sales, at 66,437 were up 4.5 per cent compared to the first nine months of 2008. Average price, at $388,417 was up by almost 1.5 per cent.
“Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREB market area,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
Median Price
In September, the median price was $347,000, up from the $322,000 recorded during September of 2008.
Source: Toronto Real Estate Board - Market Watch Report »
October 5, 2009 in Toronto Real Estate Update | Permalink
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Well I think a leading factor is interest rates being so low. A secondary factor is that there may be a flight to safety in Canada going on, as people abandon investing in the stock market and move to what has been a very smart move in the past, to invest in their homes. (Not saying that buying any old piece of real estate at any price is smart, just that's what might be going on).
PS Trevor did you notice that Garth again mentioned the DOW dropping 200 points a week ago, but hasn't mentioned that it's regained all those losses since?
Posted by: Geoff | Oct 9, 2009 2:00:01 PM
It does kinda seem odd for real estate to increase in a recession. Why is this so?
Posted by: Trevor | Oct 8, 2009 8:51:26 PM
This must be the first one in history where you have a recession and increasing real estate prices. I guess Tulip Real Estate mania is in full effect.
Posted by: Investor | Oct 8, 2009 8:24:30 PM
