On January 9th, 2009, The Toronto Real Estate Board released its’ year end figures. We are definitely in a Downturn, sellers who adjust their prices will sell and buyers who use today’s rates to move into the housing market or move up will be moving the market this year. At all times, make sure you are buying the right house and for the right reasons. I have met too many Buyers over the years who became so focused on “Buying a Deal” that they forgot that the property was not really a good lifestyle fit. Whether the market is up or down a “good deal” is the property that works well for you.
GTA Resale Housing Ends 2008 with 74,000 Sales
TORONTO, January 9, 2009 – There were 2,577 transactions in the Greater Toronto Area resale housing market last month, rounding out the year with a total of 74,552 sales, Toronto Real Estate Board President Maureen O’Neill announced today.
This is compared to 4,646 transactions that took place in December 2007, finishing that year with 93,193 sales.
In the 416 Area there were 1,105 sales in December, compared to 2,302 sales in December 2007. Total 2008sales in the 416 Area reached 29,878 compared to 39,052 in 2007.
In the 905 Region 1,472 homes changed hands last month. This is compared to 2,344 sales in December 2007.
The 905 Region’s 2008 sales totalled 44,674 compared to 54,141 in 2007.
“Current resale housing activity is being affected by global economic concerns and consumer confidence,” said Ms. O’Neill. “All levels of government need to re-examine tax policies as they relate to the housing sector, especially the Land Transfer Tax implemented in the City of Toronto last year.”
The average price of a home in the GTA last month was $361,415 compared to $394,931 in December 2007 and $336,217 two years ago.
The 2008 average price of a GTA home was $379,347 compared to the 2007 average of $376,236 and an average of $351,941 two years ago.
The average price of a home in the 416 Area last month was $387,482 compared to the $425,842 recorded in December 2007 and $350,139 noted two years ago. The 2008 average price in the 416 Area was $410,271, compared to $412,480 in 2007 and $378,776 in 2006.
In the 905 Region last month the average price was $341,847 compared to $360,307 in December 2007 and $326,509 in December 2006. The 905 Region’s 2008 average price was $358,665 compared to $350,092 in 2007 and $332,976 in 2006.
Throughout the GTA the average time homes remained on the market last month was 45 days, compared to 35 days a year ago. There were 19,468 active listings in December compared to 14,814 a year earlier.
“Although activity moderated in 2008, the fact remains that you can’t beat bricks and mortar as a solid long-term investment,” said Ms. O’Neill. “Interest rates remain historically low for homeowners.”