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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Con­tact the Jef­frey Team for more infor­ma­tion  -  416−388−1960

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