Toronto Real Estate Market Report: November 2009 Statistics
December 3rd, 2009 Categories: Market Reports, News Wire
That’s a wrap! The Toronto Real Estate Board (TREB) has just released the November 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 November 2009 market report.
To the whiteboard!
Toronto MLS
Real Estate Statistics
The City of Toronto (defined as the 416 area code) reported 3,212 sales, an increase of 111% compared to the 1,523 sales written last year at this time.
Also in the City of Toronto, the average price in November 2009 was $450,079, a 15% increase from the $390,225 average recorded during the same period last year.
The GTA (including the City of Toronto) reported 7,446 transactions for November 2009, up 105% from the 3,640 transactions written in the same period last year. The average price was $418,460, representing a 14% increase from the $368,582 recorded last year at this time.
For the GTA, inventory was down 51% compared to a year ago, from 27,037 to 13,827 properties listed for sale. The sales-to-inventory ratio for the month was approximately 54%, compared to 13% recorded this time last year.
Days On Market (DOM) was reported as 26, compared to 41 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
So, sales growth more than doubled this November (year-over-year), and average price recorded a significant increase. And that’s NO surprise as we’re comparing this month’s performance to last year’s oh-so-dismal market. What a difference a year makes!
But we all know the market recovered and as such, it won’t continue to post these double-digit numbers. As we move through the first quarter of 2010, growth rates will cool as comparisons will no longer be made to a declining market. As inventory builds (read: more sellers come into the market), the brakes will go on.
But until then: Sellers, the market is yours. Lack of inventory drives sales and price!
Should buyers stay on the sidelines? Is it possible for motivated buyers to successfully navigate the Toronto real estate market maze? Is it a good time to buy? Click here to read all about it!
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.
To get this monthly update delivered via email or to your RSS reader, please Subscribe.
Thanks for the info. Looking around at other markets for realty in Canada appears to show similar data. For example, realty in Calgary looks like it is showing a return in consumer demand, as measured by the increase in single-family homes under construction. Although two different economic forces appear to be at work, it looks like the realty market in Canada appears to be normalizing.