Toronto Real Estate Market Performance: January 2009 Mid-Month Statistics
January 20th, 2009 Categories: Mid-Month Statistics, News Wire
Welcome to my mid-month activity report for the Toronto 2009 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
In the City of Toronto (defined as the 416 area code), sales declined 53.88% compared to a year ago, with 369 transactions written.
Also in the City of Toronto, the average price for a home is now $350,835, representing an 11% decline from the $394,205 average recorded in mid-January 2008.
The Greater Toronto Area (GTA) reported 888 transactions in the first half of January, down 50% from the same period last year. The average price was $332,495, representing a 9.54% decline from the $367,574 recorded last year at this time.
Numbers related to inventory and Days On Market (DOM) will be available after month-end in my January 2009 Market Report.
Toronto Real Estate
Market Activity Summary
The significant drop in sales in the City of Toronto may be a result of last year’s rush to beat the Toronto municipal land transfer tax (read: juiced sales in January 2008).
Inventory remains high; buyers may benefit from choice (is it possible to function in a world without bidding wars?) and a moderation in price growth.
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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