Toronto Real Estate Market Rebound Continues in September
GTA Realtors reporting September real estate market figures
In September 2009, Toronto real estate agents reported 8,196 sales, up 28% from September 2008. The average price for September transactions was $406,877 – up by more than 10% compared to the same month last year.
“We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results,” said Toronto Real Estate Board President Tom Lebour. “Consumers have remained confident in ownership housing as a long-term investment.”
Year-to-date sales, at 66,437 were up 4.5% compared to the first nine months of 2008. Average price, at $388,417 was up by almost 1.5%.
Comment: So we have 4 straight months of increases – both in sales volume and in average price – with each month’s increase growing. And we have totals to date both up. I am not even sure this can be called a rebound, is it not just a continuation of the growth we have seen for the past 13 years, but for a minor blip in the fall and winter?
“Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREB market area,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
Comment: Heck, 2009 could end up setting the record for the best year ever.
Summary Of September Sales And Average Price
City of Toronto (sales +31.2% | price +11.1%)
2009 Sales: 3,341 | Average Price: $437,182
2008 Sales: 2,546 | Average Price: $393,648
Rest of GTA (sales +25.2% | price +9.6%)
2009 Sales: 4,855 | Average Price: $386,022
2008 Sales: 3,878 | Average Price: $352,071
All of the GTA (sales +27.6% | price +10.4%)
2009 Sales: 8,196 | Average Price: $406,877
2008 Sales: 6,424 | Average Price: $368,549
Source: Toronto Real Estate Board
Toronto real estate agents are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
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