In November 2008, GTA home sales were markedly down, with just 1,523 homes sold in the 416 area, and 2,117 sold in the 905 area. But in November 2009, GTA REALTORS® reported more than double November 2008's sales - 7,446 in total! These figures reflect an encouraging economic recovery to lead into 2010.
Toronto Real Estate Board (TREB) President Tom LeBour had this to say about the 2009 GTA real estate market, "This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006." He added, "Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter."
In addition to rising sales, year-toyear prices also showed a healthy increase. Comparing November 2008 and November 2009, the average home price rose 14 percent, to $418,460. The average year-to-date price in November 2009 was up four percent, to $394,464.
Jason Mercer, TREB's Senior Manager of Market Analysis, said, "Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter."
This is an opportune time to start thinking about any real estate plans you have for this new year. Please call for the latest update on real estate activity in your neighborhood.
Subscribe to CommentsComment