Toronto Real Estate Market Report: April 2009 Statistics
May 8th, 2009 Categories: Market Reports, News Wire
That’s that! The Toronto Real Estate Board (TREB) has just released the April 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 April 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 3,222 sales, a decline of 7.07% compared to the 3,467 sales written last year at this time.
Also in the City of Toronto, the average price in April 2009 was $421,470, a 5.67% decline from the $446,781 average recorded during the same period last year.
The GTA (including the City of Toronto) reported 8,107 transactions for April 2009, down 7.48% from the 8,762 transactions written in the same period last year. The average price was $385,641, representing a 3.27% decline from the $398,687 recorded last year at this time.
For the GTA, inventory was down 4.14% compared to a year ago, from 24,530 to 23,515 properties listed for sale. Days On Market (DOM) was reported as 37, compared to 27 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
Although April sales are down from the same period last year, there’s down and then there’s REALLY down. According to TREB, the market has gained momentum on a month-over-month basis. The seasonally-adjusted annual rate of sales was up 26% from March, and up two-thirds from January. Nice!!
What’s in the buyer’s favour this month? Interest rates that are at historic lows and house prices that are lower than this time last year.
However, as buyers take advantage of Opportunity, inventory is depleting. New listings are 30.47% less than in April 2008. As the resale market tightens, it’s to be expected that the rate of average price decline eases.
The seller that gets their house on the market this spring may benefit from a possible (POSSIBLE) shift back to a moderate seller’s market.
Oh buyers, are you about to miss your market?
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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