You Make It Look So Easy! Toronto 2008 Real Estate Condo Sales Post Impressive Numbers
March 25th, 2008 Categories: Condo Marketplace, Mid-Month Statistics, News Wire
The Toronto Real Estate Board (TREB) just reported some interesting mid-March numbers. Is the Toronto real estate market showing any signs of a strong performance for this spring? Let’s find out!
Toronto Real Estate Market
Reports Moderate Activity
The Toronto real estate market continues to report moderate activity, with 3,183 transactions to mid-month. Compared to last year at this time, real estate sales declined 18% in Toronto.
Is “moderate” a source of concern? Not necessarily, given we’ve just experienced the snowiest winter since 1938–39 (just missing the record by 20 cm!), which has no doubt affected the market. We are a winter-fatigued city; it’s hard to focus on real estate when you’re digging out from yet another blast of snow and hoping the plow shows up soon so you can get out for groceries.
Toronto Real Estate Prices
Continue to Climb
Although real estate sales have declined compared to last year, Toronto real estate prices continue to appreciate. If you are in the market for a detached home in Toronto, you might be a little shocked that the average price is $409,116, an increase of 4% compared to a year ago. Interesting market activity!
Heavy Lifting Done By Toronto Real Estate Condo Sales
Toronto condominium apartments have been the most resilient this winter, with 733 sales reported to date. An overall increase in sales has been reported in several Districts compared to a year ago, attributed primarily to strong condominium apartment sales.
To note, Toronto Core (C01) reports sales are up 11% compared to a year ago, while the Agincourt area of Scarborough (E07) reports sales are up 12% and Weston (W04) reports a 28% increase.
Just the extreme winter weather at work, or an indication that the continued price appreciation of Toronto real estate is making the condo marketplace a more affordable, thus desirable option?
its amazing that activity can be so different across the boarder. i think if i lived in canada i would go for the condo also. its seems a lot easier than shoveling snow.