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Toronto Real Estate Sales Down 6%
GTA resale housing price and sales soften in September
Toronto Real Estate Board Members reported 6,424 sales of single family dwellings in September, down about six per cent from the 6,866 sales recorded during September of last year, Maureen O'Neill, the association's president, announced today. However, the 6,424 sales reported for September 2008 is down just three per cent from the 6,622 figure recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.
The overall transaction figure for September masks significant regional differences. Within the City of Toronto sales registered 2,546, down 11 per cent from the 2,854 figure recorded in September of 2007 but down five per cent from the 2,680 recorded during the same month in 2006. In the 905 suburbs, the 3,878 sales that went through TorontoMLS were down three per cent from last year's 4,012 sales, and down two per cent over the 2006 total of 3,942 sales.
Overall, GTA prices declined three per cent from their year-ago levels to an average of $368,549 from the September 2007 figure of $380,132. As with sales, the GTA's regions fared quite differently on average price during the month. The average within The City of Toronto, at $393,647, fell six per cent from September 2007's $420,182 but rose six per cent from the $371,682 recorded in the same month of 2006. Meanwhile prices in the 905 districts, at $352,071, rose marginally from the $351,641 recorded in 2007, and was up five per cent from 2006 September figure of $333,818.
Breaking down the total, 2,539 sales were reported in TREB’s 28 West districts and averaged $352,249; 1,067 sales were reported in the 14 Central districts and averaged $464,397; 1,220 sales were reported in the 23 North districts and averaged $407,424; and 1,598 sales were reported in TREB’s 21 East districts and averaged $300,772.
NEIGHBOURHOOD CORNER
East York
In the first nine months of 2008, 1,017 sales have been recorded in East York (E03). These 1,017 sales averaged $370,622, up six per cent over last year’s $348,881. Detached homes averaged $437,724, up eight per cent over the $404,314 price recorded during the first nine months of 2007. Semis averaged $412,378, up six per cent from the $388, 595 recorded during the January to September 2007 period.
See the full Toronto Real Estate Board report »
October 3, 2008 in Toronto Real Estate Update | Permalink
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Comments
Mexican real estate is still on the top...Investing in real estate should be analyzed with intelligence..
Posted by: Shane | Oct 13, 2008 6:50:51 AM
Facts for RE Market in GTA for 2008
About Residential ReSales in GTA/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%
Aug.2008 sales decreased 22%
Sep.2008 sales decreased 6.4%
avg.price down, and inventory listings are up 27%.
Posted by: | Oct 6, 2008 5:34:54 AM
Interesting that the title highlights the drop in the number of sales when by far the most important piece of information in the story, that housing prices in Toronto dropped 6% year-over-year, the largest drop since the last housing bubble burst, is buried in the article.
Typical real estate agent slight of hand.
Posted by: Housing Crash is Here | Oct 4, 2008 7:16:43 PM
However in September 2008, in GTA-West for semi-detached houses we've seen price increases were unbeleviable high:
Oakville-avg.price $509,212/2007---$641,699/2008
Brampton E.-avg.price $386,913/2007-$428,484/2008
Burlington-avg.price $386,513/2007-$504,963/2008
Malton-avg.price $278,053/2007----$309,333/2008
Mississauga North-avg.price $466,095/2007 $478,476/2008
Posted by: | Oct 4, 2008 3:43:57 AM
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