resale housing market down but still healthy
The first half of April brought sales activity within five per cent of
mid-April 2007, said Ms. ONeill.
n the City of Toronto sales are down 11 per cent compared to a year ago, with
1,514 transactions taking place. In the 905 suburbs, sales are down just over
one per cent to 2,441 for mid-month April 2008 from 2,477 sales midmonth April
Throughout the GTA prices have risen seven per cent compared to the same timeframe
last year, to an average of $399,117. In the City of Toronto the average stands
at $454,211 up 10 per cent over mid-April 2007. The 905 Region has seen a six
per cent increase compared to a year ago, with a current average price of $364,939.
The number of listings on the market is one per cent greater than last year
with current inventory sitting at 22,985.
This indicates that inventory is on the rise. The positive news is homeowners
are selling their homes with an average of 28 Days on Market compared to 30 a
year ago. The slight increase in inventory levels and house prices are encouraging
A number of GTA neighbourhoods showed strong sales activity during the first
half of this month.
Willowdale (C07) saw a 75 per cent overall increase in transactions, driven
by strong, detached, condo-apartment, and condo-townhouse sales.
In Vaughan/Thornhill (N02), transactions increased by 53 per cent compared
to mid-April 2007, as a result of strong detached home sales.
Strong detached home sales also drove Brampton East (W24) to 37 per cent compared
to the same timeframe a year ago.
In Riverdale (E01) transactions are up 10 per cent, also as a result of strong
detached home sales.
Were also seeing sellers achieve on average 99 per cent of their
asking price, which is one per cent higher than a year ago, said Ms. ONeill.
Aprils numbers point to a stable, healthy market for the Greater Toronto
Area this spring. However TREB still remains wary of the Land Transfer Tax in
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