Toronto Real Estate Market Performance: March 2009 Mid-Month Statistics
March 19th, 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 19.95% compared to a year ago, with 987 transactions written.
Also in the City of Toronto, the average price for a home is now $395,428, representing a 3.4% decline from the $409,336 average recorded in mid-March 2008.
The Greater Toronto Area (GTA) reported 2,565 transactions in the first half of March, down 19.42% from the same period last year. The average price was $365,499, representing a 5.16% decline from the $385,405 recorded last year at this time.
Numbers related to inventory and Days On Market (DOM) will be available after month-end in my March 2009 Market Report.
Toronto Real Estate
Market Activity Summary
Although price and sales continue to drop, TREB reports the annual rate of sales decline was the smallest in five months. AND, mid-month March 2009 sales increased compared to mid-month February 2009 sales.
It looks like a traditional spring market is forming (read: a possible increase in sales as we head into the spring months). Will prices find their bottom?
Affordability continues to improve as buyers take advantage of near-record lows for mortgage rates and lower average prices for Toronto real estate.
Will buyers take advantage of plentiful inventory, low interest rates and a welcome break from multiple offers? Time will tell. And so will I!
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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[…] in sales slowed dramatically compared to mid-month March 2009 sales. Average price appears to be stabilizing. TREB reports existing sales increased relative to new […]