Toronto Real Estate: The News is Getting Better!

March 19th, 2009 // filed under: Real Estate

Toronto Real Estate Board: 2,565 RESALE HOUSING TRANSACTIONS SHOWS RATE OF DECLINE SHRINKING

TORONTO, March 19, 2009 –

Greater Toronto REALTORS® announced 2,565 transactions in the first half of March compared to 3,183 during the same period last year. The annual rate of MLS® sales decline was the smallest in five months. Mid-month March MLS® sales increased compared to the 2,044 sales experienced in the first half of February.

MLS® sales follow a recurring seasonal trend, with transactions generally increasing between January and May and then decreasing between June and December.

“As we move into the spring market, it appears that we are seeing stronger demand for ownership housing in the Greater Toronto Area,” said TREB President Maureen O’Neill. “Buyers are reacting to the market’s strong foundation of affordability.”

The average price for MLS® sales was $365,499 compared to $385,405 last year. “Affordability has improved over the past few months due to a combination of lower home prices, near record lows for mortgage rates and rising earnings,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.

Average weekly earnings for the Toronto CMA, as reported by Statistics Canada, have been rising on a year-over-year basis over the past year. For example, in February 2009, average weekly earnings rose by approximately 2.5 per cent compared to February 2008.

For a complete copy of the most recent Market Watch Report visit www.TorontoRealEstateBoard.com

Toronto Real Estate Board: March 5th, 2009 Press Release.

CMHC: The Toronto Real Estate Scene

Toronto Real Estate: The News is Getting Better!

This entry was posted on Thursday, March 19th, 2009 at 6:56 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

toronto real estate said at May 4th, 2012 at 6:29 pm
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