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September 4, 2008 -- TREB Members reported 6,318 in sales in August, President Maureen O’Neill announced today. “The 2008 Toronto summer market is ending on a solid pace,” noted the President.
Sales were down 22 per cent from the record-breaking August 2007 of 8,059 single family dwellings, but were only off nine per cent from the more typical figure of 6,976 sales recorded in August 2006.
This sales decline did not occur uniformly across the GTA. Units transacted within the City of Toronto, at 2,437, were down 25 per cent from the 3,243 recorded in August of 2007, while down only 10 per cent from the 2,706 figure in the same month of 2006. Meanwhile sales within the 905 suburbs came in at 3,881, down 19 per cent from 2007 (4,816 sales), and down 9 per cent from August of 2006, when 4,270 sales were recorded.
Prices increased marginally in August, with the overall average moving up one per cent to $364,886 from the $361,890 seen last August, and up eight per cent from the $338,192 recorded in August of 2006. Once again, however, price movements varied depending on area.
Within Toronto proper, the average actually fell one per cent to $377,990 from last August’s $381,681, although it was up 10 per cent from the $344,419 recorded during the same month in 2006. Outside of the City, on the other hand, prices rose two per cent to $356,657 from the $348,563 seen in August 2007. They were also up seven per cent from the $334,245 seen in August 2006.
Breaking down the total, 2,494 sales were reported in TREB’s 28 West districts and averaged $346,285; 1,091 sales were reported in the 14 Central districts and averaged $436,120; 1,246 sales were reported in the 23 North districts and averaged $419,694; and 1,487 sales were reported in TREB’s 21 East districts and averaged $297,896.
GTA Resale Housing Remains Steady Throughout Summer Months
September 4, 2008 -- The Greater Toronto resale housing market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill reported today.
The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.
In the City of Toronto the average price declined one per cent to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10 per cent.
In the 905 Region the average price increased two per cent to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased seven per cent.
“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.
With 6,318 transactions recorded last month, sales in the GTA declined 22 per cent compared to the record August 2007 figure of 8,059. Volumes were off just nine per cent however, from the 6,976 sales recorded in August 2006.
In the City of Toronto, there were 2,437 sales in August, a 25 per cent decline from the 3,243 transactions recorded a year ago.
Compared to the 2,706 sales recorded in August 2006 though, this represents a 10 per cent decline. Sales increased 20 per cent between August 2006 and August 2007.
The 905 Region’s 3,881 sales last month were 19 per cent off the August 2007 figure of 4,816 but declined nine per cent from two years ago, when 4,270 sales were recorded.
“Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14 per cent of the 67,146 figure recorded a year ago,” said Ms. O’Neill. “In light of the fact that 2007 was a record year, our current market can certainly be characterized as stable.”
There are currently 25,076, properties available for sale in the GTA, which represents a 31 per cent increase from the 19,145 active listings a year ago. Increased choice has resulted in properties remaining on the market for an average of 36 days compared to 33 days a year ago.
Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007.
In Pickering (E13) transactions rose six per cent based primarily on strong semi-detached home sales.
In Halton Hills (W27) strong attached/row house sales activity lead to a three per cent increase in transactions overall.
Condominium apartment and detached home transactions drove Rosedale (C09) to an 81 per cent increase in overall sales.
Detached home transactions also contributed to an 11 per cent overall increase in sales in Aurora (N06).
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
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. |
|||
J
This is a graphical representation showing the percentage
of homes that sold in each price range.
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