« Canadian home sales dropping | Main | Toronto real estate market slips 22% »
Toronto market down 29% in August
GTA Realtors Report Mid-Month Resale Housing Figures
Greater Toronto Realtors reported 2,732 sales through the Multiple Listing Service® (MLS®) during the first two weeks of August 2010. This represented a 29 per cent decrease compared to the 3,832 sales recorded during the same period in 2009. New listings, at 4,770 were down eight per cent compared to the first two weeks of August 2009.
"Throughout the better part of the last year, the number of monthly sales was well above the expected long-term trend. Accordingly, it makes sense that the number of transactions has dipped over the past few months in comparison to last year's record results," said Toronto Real Estate Board President Bill Johnston.
The average price for August mid-month transactions was $412,934 . up eight per cent compared to the average of $383,796 recorded during the first 14 days of August 2009.
"We have seen a sufficient number of buyers relative to sellers over the summer months to support continued year-over-year price growth in the GTA," said Jason Mercer, TREB's Senior Manager of Market Analysis.
August 18, 2010 in Toronto Real Estate Market | Permalink
TrackBack
TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c51e453ef0133f3252f8f970b
Listed below are links to weblogs that reference Toronto market down 29% in August:
Comments
You make a great point. Got some great information here, I think that if more folks thought about it that way, they’d have a better time got the hang offing the issue. Your view is definitely something Id likes to see more of. Thanks for this site. Its fantastic and so is what you’ve got to say.
Posted by: Melbourne Office Space | Feb 15, 2011 6:32:00 AM
Thanks for this information man…
Actually I have heard the same thing times before but didn’t tried to get deeper. Let me first bookmark this page for further information… :P
Posted by: vancouver website design | Feb 5, 2011 2:17:01 AM
The housing market in the GTA is beyound bad with alot of product just sitting on the market for months now. Many sellers have started to lower then asking price but they have much further to go. We realtor need to get the word out that this is just the start of a long crash. We did a good job in pumping the market up but now this housing bubble is just to big and can not grow any bigger. I need to sell product but with these bubble prices no one will buy. Wait til the horrible numbers come out for August. I disagree with the office of trying to pump up the housing market with false hope. We need to come clean and have prices drop 20-25% and get the martket moving again.
Posted by: honest realtor | Aug 30, 2010 3:15:41 PM
It doesn't matter if you think that your favoured location will generate great capital growth. The question you need to answer is whether you will be able to sustain that capital growth on negative rental returns.
Posted by: GreenlightProperties | Aug 29, 2010 12:12:27 AM
Thanks for providing the informative post.I was wondering this stuff of information only.I am very delighted to know all the ideas of it.Thanks for sharing.
Posted by: Estate Agents Manchester | Aug 27, 2010 5:31:06 AM
With people moving for province to province in search work or with transfers, this down turn in Toronto's housing market does not bode well for any Canadian real estate market. I currently have buyers who are looking for a home in Calgary but cannot buy until their house sells in Toronto. So, a slow down in the Toronto market slows the Calgary market as well.
Posted by: Calgary Real Estate | Aug 26, 2010 7:45:25 PM
Looks likes a ton of people are trying to get out before they go under. With the housing market going from bad to worse many realtor will be forced to find real employment.
Posted by: Bob | Aug 26, 2010 5:16:00 PM
I really hope that this slide ends sometime soon. Things are not on the up and up!
Posted by: Pablo Edwards | Aug 25, 2010 11:37:39 PM
This housing bubble is going down. 3 weeks ago put in an offer for $50,000 below asking on a $450,000 townhouse and the offer was turned down because bid was to low and they had other offers bla bla bla bla. Well three weeks later my agent tells me they are now willing to go down to $410,000. I told my agent that $400,000 offer was 3 weeks ago bid and now I am offering $390,000. Let's see what happens with sales down 35% last month and now down again 29% this month it obviously a buyers market which means lower and lower prices. The sellers need to sell more then buyers need to buy.
Posted by: kim | Aug 25, 2010 3:20:45 PM
The situation in the GTA is going from bad to worse. BIL is a selling agent for a condo developer and word is sales are no more. Even talking to an uncle who is a realtor about T.O condo re-sales and he laughed saying what sales? He tells me anyone who wanted to flip and didn't flip yet is going to lose their shirt. The amount condos for sale or for rent is worse then anyone in the office can believe. He thinks the market is going to fall apart over the next few years. Advise given was don't buy and save you money. With some luck you could see 40% off he said.
Posted by: jack | Aug 22, 2010 10:57:26 AM
Price is going down rapidly so we can say that housing market can crash.Toronto market down 29% in August shows the scenario of market.
Posted by: Commercial real estate brokers | Aug 21, 2010 4:12:36 AM
I don't think we can call it a crash until we see how the fall market fairs. If prices continue to dip through September, then I'll be more convinced.
Posted by: Marz | Aug 18, 2010 10:15:26 AM
This goes to show you just how fast the housing market can crash. A few months ago Toronto went from a white hot market to a ice cold market in a few months. Sales have crashed 40% and prices are down 10%. The spin doctors from the CREA are doing everything they can but the housing bubble is going to fall back down to reality. The income to price ratio is 5.5 times when it should be between 3-3.5 times income. The top of the US housing bubble was 5.2 time income ratio. Without a doubt Canada will see a US style crash.
Posted by: Tony | Aug 18, 2010 9:29:55 AM
