Toronto Real Estate Market Report: June 2009 Statistics
July 8th, 2009 Categories: Market Reports, News Wire
BIG numbers! The Toronto Real Estate Board (TREB) has just released the June 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 June 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 4,362 sales, an increase of 25.31% compared to the 3,481 sales written last year at this time.
Also in the City of Toronto, the average price in June 2009 was $441,703, a 1.99% increase from the $433,082 average recorded during the same period last year.
The GTA (including the City of Toronto) reported 10,955 transactions for June 2009, up 27.38% from the 8,600 transactions written in the same period last year. The average price was $403,972, representing a 2.05% increase from the $395,866 recorded last year at this time.
For the GTA, inventory was down 29.94% compared to a year ago, from 26,697 to 18,704 properties listed for sale. Days On Market (DOM) was reported as 33, compared to 34 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
Best June on record for the GTA. A depletion of available inventory. Multiple offers EVERYWHERE. An increase in average house prices in both the City of Toronto and the GTA. According to TREB, an expectation that sales will remain high relative to listings in the second half of the year. And, of course, interest rates remain low.
Sound familiar? Is this activity the result of pent-up demand, with a pull-back around the autumn corner, or the start of another bullish run? 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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