Toronto Real Estate Market Performance: December 2009 Mid-Month Statistics
December 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 117% compared to a year ago, with 1,343 transactions written.
Also in the City of Toronto, the average price was $460,828, representing a 20% increase from the $382,759 average recorded in mid-December 2008.
The Greater Toronto Area (GTA) reported 3,079 transactions in the first half of December, up 107% from the same period last year. The average price was $423,103, representing a 17% increase from the $360,652 recorded last year at this time.
Numbers related to inventory and Days On Market (DOM) will be available after month-end in my December 2009 Market Report.
Toronto Real Estate
Market Activity Summary
Once again, big jumps in both sales and average price year-over-year. Once again, no surprises. As reported by TREB, “we are comparing the recovery phase of the sales cycle this December with the contraction phase experienced last winter”.
So what’s ahead? Look for price growth relief in the spring as listings increase. However, a few new jolts to the market may be ahead as the Canadian government, concerned about increasing debt levels and the possibility of an over-heated housing market, MAY require higher mortgage downpayments as well as shorten the amortization period.
First-time home buyers, move-up sellers: It’s all about strategy and informed decisions in the Toronto real estate market. And, if it works for you, taking advantage of a favourable market that might, just might, be slipping away.
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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