GTA Resale Housing Remains Steady Throughout Summer Months
2008 --The Greater Toronto resale housing market closed out the last full
month of summer at a steady pace, Toronto Real Estate Board President Maureen
ONeill reported today.
The Greater Toronto
Area (GTA) average price increased one per cent, to $364,886 when compared to
last Augusts figure of $361,890. Compared to the $338,192 figure recorded
two years ago though, the average GTA has increased eight per cent.
In the City of Toronto
the average price declined one per cent to $377,990 from last Augusts $381,681.
Compared to the August 2006 figure of $344,419 however, the average price in the
City of Toronto has increased 10 per cent.
In the 905 Region
the average price increased two per cent to $356,657 from last Augusts $348,563.
Compared to the August 2006 figure of $334,245 the average price in the 905 Region
has increased seven per cent.
figures substantiate that when undertaken as a long term investment, buying a
home is one of the smartest financial moves you can make, said Ms. ONeill.
With 6,318 transactions
recorded last month, sales in the GTA declined 22 per cent compared to the record
August 2007 figure of 8,059. Volumes were off just nine per cent however, from
the 6,976 sales recorded in August 2006.
In the City of Toronto,
there were 2,437 sales in August, a 25 per cent decline from the 3,243 transactions
recorded a year ago. Compared to the 2,706 sales recorded in August 2006 though,
this represents a 10 per cent decline. Sales increased 20 per cent between August
2006 and August 2007.
The 905 Regions
3,881 sales last month were 19 per cent off the August 2007 figure of 4,816 but
declined nine per cent from two years ago, when 4,270 sales were recorded.
moderate sales, the 57,364 transactions that have occurred this year are within
14 per cent of the 67,146 figure recorded a year ago, said Ms. ONeill.
In light of the fact that 2007 was a record year, our current market can
certainly be characterized as stable.
throughout the GTA experienced increased sales activity last month compared to
In Pickering (E13)
transactions rose six per cent based primarily on strong semi-detached home sales.
In Halton Hills (W27)
strong attached/row house sales activity lead to a three per cent increase in
and detached home transactions drove Rosedale (C09) to an 81 per cent increase
in overall sales. Detached
home transactions also contributed to an 11 per cent overall increase in sales
in Aurora (N06).
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