Toronto home sales in Novem­ber 2009 were dou­ble that of Novem­ber 2008, accord­ing to a Toronto Real Estate Board survey

Cather­ine Far­ley – Toronto Star

A warm front con­tin­ues to blow across the Toronto real estate mar­ket, tak­ing much of the chill out of reces­sion­ary real estate shiv­ers of the past year.

Novem­ber house val­ues gained an aver­age of 13% com­pared with a year ago, more than com­pen­sat­ing for the 3.9% median price drop in the fall of 2008, after the U.S. hous­ing col­lapse shook stock mar­kets around the world.

That 3.9% is sig­nif­i­cant in a mar­ket accus­tomed to annual gains of 5% to 8% over the past decade.

But that’s only part of the story. A closer look at the num­bers shows prices in many neigh­bour­hoods – includ­ing Toronto’s upscale Bri­dle Path, Rosedale and For­est Hill – are lag­ging their lofty 2007 heights, not to men­tion the gains expe­ri­enced by their lower-scale neighbours.

The biggest two-year losses were in King and Uxbridge, where Nov. 2009 median home prices remain about 30% below Nov. 2007, accord­ing to the Toronto Real Estate Board monthly reports.

In another 13 of the 86 areas tracked by the board, prices are still lower than in 2007, includ­ing places where auto-sector woes pulled prices down – Oshawa, home of Gen­eral Motors of Canada, and Clark­son, adja­cent to the Oakville Ford plant.

But over­all, the mar­ket was up, with some areas show­ing extra­or­di­nary gains. North Pick­er­ing and the out­ly­ing areas north of Mil­ton and north­east of Orangeville posted increases of more than 40%, far out­pac­ing the two-year GTA aver­age of 8.9%.

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