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Strong Sales Increases Continue in August
September 2, 2009 -- August 2009, Greater Toronto REALTORS® reported 8,035 sales, up 27% per cent from August 2008. The average price for August transactions was $387,921 - up by six per cent compared to the same month last year.
"The increase in demand for existing homes has been widespread across different housing types and price ranges," said TREB President Tom Lebour. "This suggests many categories of home buyers have chosen to make a long-term investment in housing, from first-time buyers to move-up buyers or buyers who are seeking a lifestyle change."
Year-to-date sales, at 58,421 were up two per cent compared to the first eight months of 2008. Average price, at $385,978 was up by less than one-half of one per cent.
"We have heard more positive economic news lately. The improved housing market has played a key role," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have helped other sectors of the economy through home buyers' spending on things like financial and legal services, moving, renovations and home furnishings."
In August, the median price was $338,000, from the $318,000 recorded during August of 2008.
To view the full report, click HERE.
GTA Resale Housing Market Posts Best June on Record
July 6, 2009 -- In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.1
"The record result in June is testament to the fundamentally sound housing market in the GTA," said TREB President Tom Lebour. "An increasing number of households have been confident in purchasing a home in the region's affordable and diverse resale housing market."
The average price for June transactions was $403,972 - up by two per cent compared to the same month last year.
"The re-emergence of seller's market conditions has exerted upward pressure on home prices," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing."
1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.
Median Price: In June the median price was $345,000, from the $335,250 recorded during June of 2008.
Click to view the full June '09 Report
March Resale Housing Results Bring Positive News
"The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months," commented TREB President Maureen O'Neill.
"In fact, over the past two months, the situation in the housing market has improved." The seasonally-adjusted annual rate of sales increased to 65,600 in March - up 36 per cent from the ten-year low reached in January.
"Sales in March increased at a rate over and above what would be expected from the normal spring-time bump," said ason Mercer TREB's Senior Manager of Market Analysis. "A greater number of households have taken advantage of increased affordability in the housing marketplace."
Click to view the full March '09 Report
Greater Toronto REALTORS® Reported 4,120 Resale Housing Transactions in February
" While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current home prices and mortgage rates suggest that GTA homes have
become more affordable on average," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "A greater number of home buyers could take advantage of this affordability once their positioning in the economy becomes
Click to view the full February '09 Report
2,670 Transactions Reported in January
" The GTA housing market has not been immune to the economic slowdown in Canada. Some potential home buyers were less-certain about their positioning in the economy over the past year. Until the economy rebounds, and along with it consumer confidence, the number of existing home sales will be more moderate in comparison to the average over the last ten years."
" It should be noted that the GTA housing market has followed the broader economic slowdown, but was not a cause of the downturn. Home prices remained affordable throughout the new millennium. The average family can still qualify for a mortgage on the average priced home. This remains the case today. Given that we are not facing an early-1990s-style affordability crisis, the rebound in the housing market will likely be quick once economic recovery takes hold. "
Click to view the full January '09 Report