Toronto Real Estate Market Report: October 2009 Statistics
November 4th, 2009 Categories: Market Reports, News Wire
Stats, smats! The Toronto Real Estate Board (TREB) has just released the October 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 October 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 3,554 sales, an increase of 66% compared to the 2,136 sales written last year at this time.
Also in the City of Toronto, the average price in October 2009 was $464,212, a 23% increase from the $376,897 average recorded during the same period last year.
The GTA (including the City of Toronto) reported 8,476 transactions for October 2009, up 64% from the 5,155 transactions written in the same period last year. The average price was $423,559, representing a 20% increase from the $352,974 recorded last year at this time.
For the GTA, inventory was down 46% compared to a year ago, from 27,277 to 14,771 properties listed for sale. The sales-to-inventory ratio for the month was approximately 57%, compared to 19% recorded this time last year.
Days On Market (DOM) was reported as 26, compared to 37 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
What’s really interesting is that, according to TREB, “strong sales growth has occurred across many property classes — from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars”. And first-time buyers enable the move-up buyers, which enables the really moving-up buyers, and so on.
Same old, same old in that the squeeze on inventory and affordability continues. Sellers, the market continues to be yours. However, there is the anticipation of increased listings in 2010 as home owners come off the sidelines to take advantage of strong sales and prices.
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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