Toronto Real Estate Market Performance: May 2009 Mid-Month Statistics
May 21st, 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 increased 7.5% compared to a year ago, with 1,864 transactions written.
Also in the City of Toronto, the average price for a home is now $439,459, representing a 0.52% increase from the $437,205 average recorded in mid-May 2008.
The Greater Toronto Area (GTA) reported 4,561 transactions in the first half of May, up 3.14% from the same period last year. The average price was $399,811, representing a 0.25% decline from the $400,817 recorded last year at this time.
Numbers related to inventory and Days On Market (DOM) will be available after month-end in my May 2009 Market Report.
Toronto Real Estate
Market Activity Summary
Buyers found their Confidence, as this is the first mid-month increase for both sales and price since the wheels fell off the Toronto real estate bus last year.
What to expect: Interest rates that are at historic lows favour Toronto home buyers. The combination of more sales and fewer listings resulted in a return to last year’s prices. TREB anticipates an increase in new listings (read: inventory) as sellers respond to a good-news market.
The spring market has always been the best market. Will the month finish strong? 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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