Toronto Real Estate Market Performance: October 2009 Mid-Month Statistics
October 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 increased 31% compared to a year ago, with 1,489 transactions written.
Also in the City of Toronto, the average price for a home is now $455,001, representing a 21% increase from the $375,804 average recorded in mid-October 2008.
The Greater Toronto Area (GTA) reported 3,631 transactions in the first half of October, up 34% from the same period last year. The average price was $414,479, representing a 17% increase from the $353,772 recorded last year at this time.
Numbers related to inventory and Days On Market (DOM) will be available after month-end in my October 2009 Market Report.
Toronto Real Estate
Market Activity Summary
Big jumps in both sales and average price year-over-year. But that comes as no surprise as we’re now comparing market performance against the fall of 2008 (read: factor in the hit the markets took due to the collapse of major investment institutions, etc.).
Nonetheless, the market’s got legs as we enter the fourth quarter as demand remains strong which continues to exert upward pressure on average price.
We await Tuesday’s rate announcement, but anticipate the Bank of Canada will keep interest rates steady (read: no rate hikes in the near future).
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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