Toronto Real Estate Market Performance: October 2008 Mid-Month Statistics
October 18th, 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 over time 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 2,704 transactions in the first half of October, down 18% from the same period last year and down (approximately) 10% from the 3,007 transactions recorded in the first half of October 2006.
In the City of Toronto (defined as the 416 area code), sales declined 21% compared to a year ago, with 1,140 transactions written, and declined 13% compared to the 1,312 transactions written during the same period two years ago.
Also in the City of Toronto, the average price sits at $375,804, representing a 15% decline from the $441,878 average recorded in mid-October 2007. No numbers were released with respect to an average price comparison for mid-October 2006.
Inventory is up 30% compared to a year ago, from 21,182 to 27,559 properties currently listed for sale. Days On Market (DOM) is reported as 34, compared to 29 days the same time last year. Buyer and seller beware! It is important to note that DOM is specific to the contract, as a property can be re-listed (with a unique MLS number for each re-list) several times before the property is sold. Mindful of the preceding, the list-to-sale price ratio is 97%.
Toronto Real Estate
Market Activity Summary
Activity has moderated considerably. Prices are dropping. Inventory has jumped. Go Buyers!
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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