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TREB is stating that the GTA Resale Housing Price and Sales were Measured in September
October 3, 2008 -- TREB Members reported 6,424 sales of single family dwellings in September, down about six per cent from the 6,866 sales recorded during September of last year, Toronto Real Estate Board President Maureen O'Neill announced today.
However, the 6,424 sales reported for September 2008 is down just three per cent from the 6,622 figure recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.
The overall transaction figure for September masks significant regional differences. Within the City of Toronto sales registered 2,546, down 11 per cent from the 2,854 figure recorded in September of 2007 but down five per cent from the 2,680 recorded during the same month in 2006. In the 905 suburbs, the 3,878 sales that went through TorontoMLS were down three per cent from last year's 4,012 sales, and down two per cent over the 2006 total of 3,942 sales.
Overall, GTA prices declined three per cent from their year-ago levels to an average of $368,549 from the September 2007 figure of $380,132. As with sales, the GTA's regions fared quite differently on average price during the month. The average within The City of Toronto, at $393,647, fell six per cent from September 2007's $420,182 but rose six per cent from the $371,682 recorded in the same month of 2006. Meanwhile prices in the 905 districts, at $352,071, rose marginally from the $351,641 recorded in 2007, and was up five per cent from 2006 September figure of $333,818.
Breaking down the total, 2,539 sales were reported in TREB’s 28 West districts and averaged $352,249; 1,067 sales were reported in the 14 Central districts and averaged $464,397; 1,220 sales were reported in the 23 North districts and averaged $407,424; and 1,598 sales were reported in TREB’s 21 East districts and averaged $300,772.
GTA Resale Housing Remains Steady Throughout Summer Months
October 3, 2008 -- The Greater Toronto Area resale housing market continued at a measured pace through September, Toronto Real Estate Board President Maureen O’Neill announced today.
With 6,424 homes changing hands last month, activity in the GTA declined six per cent compared to the 6,866 sales that took place in September 2007 and declined three per cent compared to the 6,622 transactions that were recorded two years ago.
In the City of Toronto sales were less robust. The 2,546 transactions recorded last month declined 11 per cent from the 2,854 sales in September 2007 and declined five per cent from the 2,680 sales recorded in September 2006. Sales increased six per cent between September 2006 and September 2007.
“We remain concerned about the Land Transfer Tax in the City of Toronto,” said Ms. O’Neill.
In the 905 Region, the 3,878 sales recorded last month were within three per cent of September 2007’s 4,012 transactions, and within two per cent of September 2006’s 3,942 sales. Sales in this region increased two per cent between September 2006 and September 2007.
From a year-to-date perspective, the GTA resale housing market has declined 14 per cent from the 73,827 transactions recorded a year ago. To date, there have been 63,595 sales through the TorontoMLS system this year. In the City of Toronto year-to-date sales have declined 16 per cent from last year’s figure of 30,059 to 25,257 transactions this year. In the 905 Region year-todate sales have declined 12 per cent. So far this year there have been 38,338 sales in the 905
Region compared to 43,768 last year. Prices throughout the GTA however, have remained fairly stable. At $368,549, the average price of a GTA home in September has declined three per cent from $380,132 recorded a year ago.
In the City of Toronto, the current average price of $393,647 declined six per cent from the September 2007 average of $420,182. Compared to the September 2006 average of $371,682 though, prices in Toronto for September 2008 have increased six per cent.
In the 905 Region, the average price of $352,071, increased marginally from the $351,641 recorded in September 2007, and was up five per cent from 2006 September average of $333,818.
“Although the market is not as robust as it was a year ago, homeowners are continuing to see strong returns on their investment,” said Ms. O’Neill. “On average, Sellers are achieving 97 per cent of their asking price.
With the average number of days on market increasing to 36 days from to 31 days a year ago, it is taking slightly longer for homeowners to achieve a sale.
“Even with respect to sales activity, each month we continue to see a handful of neighbourhoods reporting increases compared to a year ago.”
In Scarborough East (E08) transactions increased 22 per cent compared to September 2007 based on strong sales of all housing types.
Streetsville (W19) saw an 11 per cent sales increase due primarily to strong detached home sales.
In Newmarket (N07) transactions increased 11 per cent compared to a year ago, driven mainly by strong condominium townhouse sales.
“Given that these are trying times for the world economy, in context, the Greater Toronto Area resale housing market continues to fare quite well,” said Ms. O’Neill. “From a long-term perspective, buying a home remains a sound financial decision.”
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 28,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
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 designed exclusively for REALTORS®.
Serving more than 24,000 Members in the Greater
Toronto Area, the Toronto Real Estate Board is Canada's
largest real estate board. Greater Toronto Area
open house listings are now available on www.TorontoRealEstateBoard.com.
See the Average Price Cycles
from January 1995 to Date - a very interesting cyclical pattern is clearly
seen!
See how the historical 1 year mortgage interest rate
compares to the 5 year rate
Breaking down the total Numbers into TREB Areas for this month
Please browse here if you wish to see all the TREB Sales stats for 2007
September 2008 Sales figures
August 2008 Sales figures
July 2008 Sales figures
May 2008 Sales figures
April 2008 Sales figures
March 2008 Sales figures
February 2008 Sales figures
January 2008 Sales figures
Neighbourhood Corner - Mississauga - Each month The Toronto Real Estate Board profiles a neighbourhood and for January of 2006 TREB chose Mississauga!
There were 647 sales in Mississauga this January, a decline of three per cent over the first month of 2007. The average price came in at $339,655, a one per cent increase over the same time-frame last year. Of these sales, 196 were of detached homes which averaged $516,190, up eight per cent over January '07.
Mississauga (MLS districts W12 to W20) had 608 sales in January, up seven per cent over the figure recorded in January of 2005. These sales averaged $305,464, a two per cent increase over last January. Breaking down the total, there were 201 sales of detached homes, which averaged $448,889; there were 171 sales of condominium apartments, and the average for these was $193,481.
There were 569 sales in the Mississauga area during January, down 12 per cent from the figure recorded in January of 2004. The average price, however, rose seven per cent to $298,503. Breaking down the total, detached homes in Mississauga (203 sales) averaged about $418,655, while semis (121 sales) came in at $279,025.
The Mississauga area (W-12 through W-20) registered 645 sales in January, down 10 per cent from the 721 recorded during the same time-frame in 2003. However, the overall average in Mississauga came to $277,594, up seven percent over the $259,207 recorded in January of last year. Average days-on-market was 43, about the same as the Board-wide figure of 42.
In Mississauga (W-12 to W-20) the latter half of this year saw prices climb 10 per cent to $256,824 over the $233,151 recorded for the whole of 2001. Average Days-on-Market in Mississauga was 34, as compared to a city-wide average of 38 days.
Rental Market indicators in the GTA
This chart shows the breakdown of single family residential sales
for last month.
Housing Market Indicators |
||||
|
This month |
This month |
% Change |
|
Sales* |
8,084 |
7,329 |
(-9%) |
less sales |
New Listings* |
12,059 |
12,012 |
( -- ) |
equal listings |
Active Listings* |
20,063 |
22,368 |
(+11%) |
more listings all = softer market and prices |
* All figures above for Single-Family Dwellings.
|
February
28, 2008
|
|||
|
Region |
Area Sales |
Av. Price |
|
|
East |
391 |
$300,867 |
|
|
West |
627 |
$358,062 |
|
|
Central |
268 |
$504,817 |
|
|
North |
300 |
$419,670 |
|
|
Total |
1,586 |
$380,654 |
|
|
NOTE: Please note these are preliminary figures. Minor adjustments may be required at month's end. |
|||
This is a graphical representation showing the percentage
of homes that sold in each price range.
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