October/November Snap Shot Of Toronto Housing Sales Nov 22 08
Last week November 22 2008 the breakdown of homes sold in Toronto and surrounding areas are broken down as follows:
| Region |
Area Sales |
Avr Price |
| East |
204 |
$296,942 |
| West |
345 |
$344,036 |
| Central |
146 |
$460,690 |
| North |
123 |
$380,459 |
| Total |
818 |
$358,589 |
Taking a snapshot of what has been occurring in the Toronto & GTA resale housing market compared to previous two years the following can be seen:
| October 2008 Toronto & GTA Average House Prices |
| |
2008 |
2007 |
2006 |
+/- 07 |
+/- 06 |
| GTA -Wide |
$352,974 |
$394,646 |
$356,423 |
-11% |
-1% |
| 416 Toronto |
$376,896 |
$434,022 |
$386,807 |
-13% |
-3% |
| 905 GTA |
$336,049 |
$364,142 |
$333,166 |
-8% |
1% |
A major decline in house prices can be seen in Toronto for October 08 over previous year of 13%. However, this is not as grim as it may appear. Looking into what has been happening in the Central Districts at homes sold for $1 Million+ there were 134 units sold on mls in October 2007 compared to 41 units sold this year a decrease of 69%.
The decrease in the volume of units sold at the high end of the market reflects directly on house price averages in the city and accordingly across the GTA wide areas.
Another consideration for this decrease in the number of units sold would be due to the introduction of the New Toronto Land Transfer Tax which came into affect this year, causing a surge of buyers into the market more so 2nd time homeowners who would have been affected most.
The uncertainty of global economies and the continued stock market roller coaster ride of late has also played into the equation where consumer confidence has dwindled. So the years of a seller's & balanced market has shifted to a buyer's market. Click Here to read more about the Toronto Real Estate Market. If you are interested in knowing What's Happening In My Region I'll be pleased to send you data to keep you updated. Back to blog
