Market Watch - September 2008
Although the Canadian economy remains fundamentally strong with stable mortgage rates, low unemployment and consistent population growth, home buyers and sellers took a “wait and see” approach this past summer.
The Greater Toronto real estate market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill reported today. The Greater Toronto Area (GTA) average price increased 1%, to $364,886 when compared to last August’s figure of $361,890.
In the City of Toronto the average price declined 1% to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10%.
In the 905 Region the average price increased 2% to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased 7%.
“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.
Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007. In Pickering transactions rose 6% based primarily on strong semi-detached home sales. And in Halton Hills strong attached/row house sales activity lead to a 3% increase in transactions overall.
Condominium apartment and detached home transactions drove Rosedale to an 81% increase in overall sales. Detached home transactions also contributed to an 11% overall increase in sales in Aurora.
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