2008 Ends With Higher Prices Than 2007
Toronto Real Estate Board Members reported 2,577 sales in December 2008, compared to the 4,646 recorded during the same month in 2007, and the 4,447 recorded in December 2006, TREB President Maureen O’Neill announced today. “Sales for the whole of 2008 were 74,552, compared to the 93,193 recorded in 2007, and the 83,084 recorded during 2006.”
The average price in December of 2008 came in at $361,415, compared to $394,931 in 2007 – but still up 7.5% from $336,217 in December of 2006. For 2008 as a whole prices averaged $379,347, an increase of over $3,000 compared to the $376,236 recorded in 2007, and up almost 8% over the $351,941 average recorded in 2006.
The City of Toronto recorded 1,105 sales in December, compared to 2,302 in December 2007 and 1,827 in December of 2006. For all of 2008, there were 29,878 sales, compared to 39,052 in 2007 and 34,404 in 2006.
The average price in the city was $387,482 compared to the $425,842 recorded in December of 2007 and up over 10% from the $350,139 recorded in December 2006. For all of 2008 the average was $410,271. In 2007 the comparable figure was $412,480, and in 2006 $378,776 – an increase of 8.3%.
The 905 area saw 1,472 sales in December, from 2,344 in December of 2007 and 2,620 in December of 2006. For all of 2008, there were 44,674 sales in this region, versus 54,141 in 2007 and 48,680 in 2006.
The average price in the 905 was $341,847 in December, compared to $360,307 in 2007 and $326,509 in 2006. For all of 2008, the average was $358,665, as compared to $350,092 in 2007 and $332,976 in 2006. Note that December 2008 prices were up 5% over 2006 and 2008 as a whole was up 8% over 2006.
In both the 416 and 905 areas, we may be down off the abnormal highs of 2007, but prices are still heading up, there is no real downward trend to be concerned about.
Breaking down the total, 993 sales were reported in TREB’s 28 West districts and averaged $338,855; 473 sales were reported in the 14 Central districts and averaged $479,095; 491 sales were reported in the 23 North districts and averaged $381,975; and 620 sales were reported in TREB’s 21 East districts and averaged $291,488.
Median Price
The median price for December was $305,000, compared to $320,950 in 2007 and $290,000 in 2006. The Median for the year as a whole was $325,000, as opposed to $318,200 in 2007 and $299,000 in 2006. December aside, the median prices tell the story. We saw an increase of 6.4% from 2006 to 2007 and a further 2.1% from 2007 to 2008. Anyone who says prices are dropping is simply wrong. Sales volume may be down, but prices are still rock solid.
The Toronto Real Estate Board
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