Toronto Real Estate Market Report: February 2009 Statistics
March 5th, 2009 Categories: Market Reports, News Wire
Call it a day! The Toronto Real Estate Board (TREB) has just released the February 2009 numbers for the City of Toronto, as well as the overall Greater Toronto Area (GTA). Let’s take a look at the numbers Toronto buyers and sellers need to know when making informed real estate decisions. If interested, click here for a copy of the complete February 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 1,653 sales, a decline of 28.44% compared to the 2,310 sales written last year at this time.
Also in the City of Toronto, the average price in February 2009 was $392,919, a 7.43% decline from the $424,435 average recorded during the same period last year.
The GTA (including the City of Toronto) reported 4,120 transactions for February 2009, down 31.5% from the 6,015 transactions written in the same period last year. The average price was $361,305, representing a 5.43% decline from the $382,048 recorded last year at this time.
For the GTA, inventory was up 18.99% compared to a year ago, from 18,018 to 21,440 properties listed for sale. Days On Market (DOM) was reported as 45, compared to 30 days the same time last year. Keep in mind 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.
Toronto Real Estate
Market Observations
On a year-over-year basis, sales and price continue to slide. On a month-over-month basis, sales and average price were above the January 2009 levels. Lots of inventory. Interest rates remain low. Interesting activity! Will buyers take advantage of greater affordability in the Toronto real estate market? Buyers that can find their confidence will also find Opportunity.
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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