Did You See That Finish? Toronto 2007 Real Estate Market Posts Best Year EVER!
January 10th, 2008 Categories: Market Reports, News Wire
The checkered flag is out! The race is over and what a finish! The Toronto Real Estate Board (TREB) has just released the December 2007 real estate market statistics and what an impressive performance.
Toronto 2007 Real Estate Market
Takes First Place
Best year ever. Take a look at these numbers:
- The Toronto real estate market gunned its engines to a total of 93,193 sales, up 12% over last year and up 11% over the 84,145 posted in 2005, the previous best-ever annual performance.
- The average Toronto house price was $376,236, up 7% from last year.
- Average days on market (DOM) was 32 days, compared to 34 days in 2006. Just think, for the past couple of years savvy Toronto home sellers sold their houses in just over a month.
Toronto 2008 Real
Estate Market Forecast
Fans ask: Will next year’s Toronto real estate market post even better numbers, or will market conditions cool those engines? Will the market run out of gas?
The recently-released “Royal LePage 2008 Market Survey Forecast” predicts Toronto resale house prices will increase by 3.5% in 2008; however, sales are expected to drop by 5.5%.
The expected decrease in unit sales is attributed partly to Toronto home buyers who purchased earlier than expected in the rush to beat the newly-introduced Toronto municipal land transfer tax, but also to a softening economy. Also, as the average price of a Toronto home increases, eroding affordability is expected to cause demand to ease.
A somewhat cooler market could present opportunities for people who have shied away from the Toronto real estate market due to concerns over bidding wars and unconditional offers.
Wow, that’s impressive, and it’s actually interesting to read these statistics with your creative analogy to racing.
[…] was the best year on record for the Toronto 2007 real estate market. However, given an anticipated cooling of the market this […]