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Toronto Real Estate Board reports:

GTA Resale Housing Remains Stable in August

The Greater Toronto Area (GTA) resale housing market remained stable throughout the first half of this month, Toronto Real Estate Board President (TREB) Maureen O'Neill announced today. "We're continuing to see consistent levels with respect to sales volumes and prices," said Ms. O'Neill. "While the numbers are more conservative than those in recent years, the stability we're experiencing should help sustain consumer confidence as we move into the fall market."

With 3,019 transactions in the GTA during the first half of the month, sales were down 13 per cent compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.

In the City of Toronto, 1,192 transactions were recorded, down 15 per cent from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.

"While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11 per cent between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect," said Ms. O'Neill.

In the 905 Region there were 1,827 sales to mid-month, down 12 per cent from the 2,069 transactions that took place in the same period a year ago, and off 10 per cent from the 2,021 sales recorded in the first two weeks of August 2006.

Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.

In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.

In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.

There are currently 26,128 active listings, up 28 per cent from the 20,365 properties available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.

Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.

In Whitby (E15) transactions increased 12 per cent compared to the same period a year ago as a result of strong detached home sales.

Detached home sales also led Aurora (N06) to a 21 per cent increase in transactions.

Streetsville (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.

In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.

"It's encouraging to see strong activity levels in pockets throughout all four corners of the GTA", Ms. O'Neill said.

August 19, 2008 in Toronto Real Estate Update | Permalink


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I will wait for the bust - good luck

Posted by: big liars | Sep 30, 2008 8:43:07 PM

Maureen O'Neill is the most unintentionally funny woman in Canada - next to the real estate agent who edits this amateur propaganda that approaches the "we will crush them" effort of Saddam Hussein's Comical Ali. The Toronto Market will be a falling knife by Fall, and Maureen and every TO agent already knows that: "Room for One More in the Hearse" to all potential buyers till Q1/09 - when even a moron will be reading the newspapers and holding on to his cash...or lowballing offers. 30-45% price declines by March/09.

Posted by: Marcus Aurelius | Aug 25, 2008 3:27:34 AM

I think the Toronto market is maintaining its stability this year as the statistical analysis says in the post. I think it is a good time for the investors out there in the market to get some good investments here.

Posted by: Property in Brazil | Aug 20, 2008 6:21:34 AM

Ms.O'Neill is "amaizing" positive woman,
but we have to see facts in 2008:

About Residential Resales in GTA in 2008:

Jan.2008 sales decreased 2.1%
Feb.2008 sales decreased 11.2%
Mar.2008 sales decreased 22.2%
Apr.2008 sales decreased 7.3%
May.2008 sales decreased 16%
Jun.2008 sales decreased 18%
Jul.2008 sales decreased 12.4%
Mid-Aug.2008 sales decreased 13%,avg.price up, and inventory listings are up 28%.

"It's encouraging to see strong double digits decline throughout all four corners of the GTA",
I like this woman!...

Posted by: | Aug 20, 2008 1:43:04 AM

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