Toronto real estate strong through first half of December
Toronto Real Estate Agents Report December Mid-Month Real Estate Market Figures
Greater Toronto Realtors reported 3,079 existing home transactions in the first two weeks of December compared to 1,487 in 2008. The strong growth represents both increased home ownership demand and the fact that we are comparing the recovery phase of the sales cycle this December with the contraction phase experienced last winter.
Year-to-date sales, at 84,888, were up 16% compared to the same period last year and have moved in line with the healthy levels experienced in the 2004 through 2006 period.
“We experienced a very strong and broad based recovery in the second half of 2009,” said Toronto Real Estate Board President Tom Lebour. “The rebound in the housing sector speaks to the confidence that households have in overall economic recovery.”
The average resale home price during the first two weeks of December rose 17% to $423,103. The year-to-date average was $395,411, up 4% compared to the same period in 2008.
“The double-digit price growth we have experienced since September will continue through the first quarter of 2010. Average price growth will move to a sustainable pace in the spring as listings increase,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
Summary Of Mid-December Sales And Average Price
City of Toronto (sales +117.0% | price +20.4%)
2009 Sales: 1,343 | Average Price: $460,828
2008 Sales: 619 | Average Price: $382,759
Rest of GTA (sales +100.0% | price +14.2%)
2009 Sales: 1,736 | Average Price: $393,918
2008 Sales: 868 | Average Price: $344,887
GTA (sales +107.1% | price +17.3%)
2009 Sales: 3,079 | Average Price: $423,103
2008 Sales: 1,487 | Average Price: $360,652
Greater Toronto Realtors 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 29,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
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December 19th, 2009 at 10:04 pm
Low variable mortgage rates (2.15%) are allowing Canadians to buy their first home, but they are also giving them a chance to pay down their mortgage.