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Toronto Real Estate Board:
GTA Housing Resales at 2,044 in Mid February
Greater Toronto Realtorsa reported 2,044 sales through the first 14 days of February, compared to 2,775 sales reported during the same period in 2008. “While sales have been lower, the housing sector remains one of the pillars of the GTA economy,” said TREB President Maureen O’Neill. “Each existing home transaction generates, on average, more than $33,000 in spin-off spending on renovations and other housing-related items. This spin-off spending translates into jobs.”
“The City of Toronto needs to do its part to encourage homeownership by reducing the tax burden on existing and potential home owners,” said TREB President Maureen O’Neill. “To this end, Greater Toronto Realtors are calling on the City to roll back the municipal land transfer tax. We presented our views to the City’s Budget Committee yesterday.” The average home price in the GTA was $364,748 compared to $385,735 in mid-month February last year.
“It is interesting to note that while the average price was down, the annual rate of price decline slowed compared to the previous four months,” according to Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “If this trend continues into the spring, it could point towards average home prices leveling off between $360,000 and $370,000.”
February 19, 2009 in Toronto Real Estate Update | Permalink
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Comments
Sorry X [or should I say RE agent out of job?]... it's just a little bit of pent up demand at the low end of the market and a few people thinking the 'bottom' has been hit ... it's the equivalent of the stock market recently...dead cat bounce or suckers market my friend.
Let's just let a few eager beavers drain from the market early this spring then we'll see some real fun in late May through til late 2010 at least.
Trumped up bidding wars, do not a market make.
Posted by: Rob | Mar 2, 2009 4:47:20 PM
The real trends will be interesting to watch in all markets. The PR may deviate from reality.
Posted by: Prince William Homes | Mar 1, 2009 8:18:58 PM
For another view - albeit one that slipped through the propaganda net where print and other media on the verge of business insolvency through lack of ad revenue in a recession now treat industry-placed stories with less-than-journalistic intelligence - see this month's MacLean's magazine. The headline there is: "Another 20% down to go from here". That's one 'realistic' opinion. Here's another, from a broker insider - 40% off the 2007 highs in Toronto is closer to the bottom. We're only 15% down in the central TO luxury market - take another 25% off that before even thinking about an offer. Vendors are still self-delusional. Wait another 6-9 months. Canada is cycling behind the UK and the US by about 2 years. Trade-up traffic won't get serious in TO for about a year. Another 20-25% to go before this falling knife starts to slow. And by the way - the demographic python is very much against any speculators in Toronto McMansions, for years to come.
But, nice try anyway to the commissions-based folks - they seem to have time to post on blogs nowadays (see the last poster).
Posted by: seniorVP | Feb 22, 2009 5:17:51 PM
A half a month means nothing. Thousands continue to lose their jobs and the economy is weakening by the week.The DOW which is a leading economic indicator has set a new low meaning the economic situation is getting much much worse. We will see more job losses . At this time we have much more supply then demand. The laws of supply and demand say the more supply and less demand equals falls prices. Good luck RE agent finding greater fools to lose their money.
Posted by: XY | Feb 21, 2009 9:50:05 AM
I am a renter and be happily watching for the trend ...
Posted by: XX | Feb 20, 2009 7:07:08 PM
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