GTA MARKET UPDATE

By
Real Estate Agent with Right at Home Realty Inc., Brokerage

As expected, the Canadian housing market has performed quite differently from region to region across the country. The number of units sold has decreased in double digits in some areas while prices dropped slightly in most areas. The most significant price decreases were in Canada's most expensive city, Vancouver, which has experienced above average price increases for most of the decade. However the Canadian Real Estate market remained relatively stable compared to the market south of the border.

TREB Members reported 2,577 sales in December 2008, compared to the 4,646 recorded during the same month in 2007, and the 4,447 recorded in December 2006, TREB President Maureen O'Neill announced today. "Sales for the whole of 2008 were 74,552, compared to the 93,193 recorded in 2007, and the 83,084 recorded during 2006."

The average price in December 2008 came in at $361,415, compared to $394,931 last year, and $336,217 in December 2006. For 2008 as a whole, prices averaged $379,347, compared to the $376,236 recorded in 2007, and $351,941 recorded in 2006.

The City of Toronto (416) recorded 1,105 sales in December 2008, compared to 2,302 in December 2007 and 1,827 in December 2006. For all of 2008, there were 29,878 sales, compared to 39,052 in 2007 and 34,404 in 2006.
The average price in the city was $387,482 compared to the $425,842 recorded in December 2007 and the $350,139 recorded in December 2006. For all of 2008 the average price was $410,271. In 2007 the comparable figure was $412,480, and in 2006 $378,776.

The 905 area saw 1,472 sales in December 2008, from 2,344 in December 2007 and 2,620 in December 2006. For all of 2008, there were 44,674 sales in this region, versus 54,141 in 2007 and 48,680 in 2006.
The average price in the 905 area was $341,847 in December 2008, compared to $360,307 in 2007 and $326,509 in 2006. For all of 2008, the average price was $358,665, as compared to $350,092 in 2007 and $332,976 in 2006.

Breaking down the total, 993 sales were reported in TREB's 28 West districts and the average price was $338,855; 473 sales were reported in the 14 Central districts and the average price was $479,095; 491 sales were reported in the 23 North districts and the average price was $381,975; and 620 sales were reported in TREB's 21 East districts and the average price was $291,488.

The median price for December 2008 was $305,000, compared to $320,950 in 2007 and $290,000 in 2006. For all of 2008, the Median was $325,000, as opposed to $320,950 in 2007 and $299,000 in 2006.

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