Toronto Real Estate Market Performance: August 2008 Mid-Month Statistics
August 20th, 2008 Categories: Mid-Month Statistics, News Wire
Welcome to my mid-month activity report for the Toronto 2008 real estate market. Brief and to the point, it’s my virtual flip chart of the numbers Toronto buyers and sellers can use to make good real estate decisions. If interested, a more detailed statistical breakdown can be found on the Toronto Real Estate Board (TREB) website.
Let’s get started!
Toronto MLS®
Real Estate Statistics
The Greater Toronto Area (GTA) reported 3,019 transactions in the first half of August, down 13% from the same period last year and down 8% from the 3,290 transactions recorded in the first half of August 2006.
In the City of Toronto (defined as the 416 area code), sales are down 15% compared to a year ago, with 1,411 transactions written, and off 6% compared to the 1,269 sales transacted during the same period two years ago.
Also in the City of Toronto, the average price sits at $394,563, up 7% over mid-August 2007. The squeeze on the affordability orange continues!
Inventory is up 28% compared to a year ago, from 20,365 to 26,128 properties available for sale. Days On Market (DOM) is reported as 35, compared to 32 days the same time last year.
Toronto Real Estate
Market Activity Summary
Inventory is on the rise. Price continues to appreciate. Sales activity continues to drop.
Thinking of buying or selling? Numbers are helpful, but a knowledgeable Toronto real estate agent is invaluable. Call Lauren at 416–550–6991, or send me an email.
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Hi Lauren. Love your blog. I keep visiting it especially for your number roundups. Being a realtor in Toronto I have always been optimistic, even when the numbers went a bit wacky. But what you are pointing out here makes even my optimizim a bit shy to come out. Till August, the numbers that presented them selves were normal compared with 2006, but now them being even lower than that year, is quite disappointing. But I don’t put my head down just yet.
Again, thumbs up on the blog and keep up the good work.
Cheers
Julie
Hi Lauren,
We have felt a lot of interest from Canadien investors and buyers in the Dominican Republic booming real estate market. Eventhough a small desacceleration has been felt, high end properties still moving a lot and large pieces of land too.
Do you have any info that may confirm that canadien are purchasing vacation homes in the Caribbean today?
Sincerely,
CHerrera