September 17, 2008 -- The Greater Toronto Area's autumn resale housing market began with moderate activity, Toronto Real Estate Board President Maureen O'Neill announced today.
With 2,726 sales during the first half of this month, activity has declined 16 per cent from the 3,236 recorded during same time period a year ago. Compared to the 2,913 transactions recorded during the first half of September 2006, activity has declined six per cent.
In the City of Toronto, 998 sales were recorded, which represents a 23 per cent decline from the 1,297 transactions recorded in the first half of September 2007 and an 11 per cent decline from the 1,118 homes that changed hands in 2006. However, activity increased 16 per cent in the first half of September 2007 from the same period in 2006.
In the 905 Region, there were 1,728 sales, down 11 per cent from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.
"Although housing activity in the GTA remains moderate, we're continuing to see a consistent pattern, and this stability is certainly positive news compared to markets in other sectors and in other world cities," said Ms. O'Neill.
At $366,158 the average price of housing in the GTA has increased marginally from the $364,364 recorded a year ago and is up nine per cent from $335,208 recorded in September 2006.
In the City of Toronto, the average price is $386,524 up marginally from the $384,796 recorded in the first half of September 2007 and up 12 per cent from the $343,561 average from the same period in 2006.
In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.
"The fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment," said Ms. O'Neill.
The percentage of asking price that Sellers receive for their homes has also remained consistent. The list to sale price ratio is 98 per cent, as it was a year ago.
The 26,299 properties listed for sale on the TorontoMLS system have increased 26 per cent from a year ago when 20,841 homes were available. The time that homes remain on the market has increased as well, to an average of 37 days compared to 31 days a year ago.
In a few areas though, activity heated up during the first two weeks of the month.
Transactions in Bowmanville (E17) increased 66 per cent from a year ago, as a result of strong detached home sales.
In Streetsville (W20) activity increased seven per cent compared to mid-September 2007 due mainly to semi-detached sales.
Vaughan (N02) saw a 20 per cent increased in transactions from a year ago due to strong sales of all housing types.