Toronto Home Resales at 1,500 in Mid December
TORONTO, December 17, 2008 -- Greater Toronto REALTORS® reported
1,487 resale transactions during the first half of December, from 2,868 sales
recorded in the same period a year ago, Toronto Real Estate Board President
Maureen O’Neill announced today.
The average price of a home in the Greater Toronto Area is
currently $360,652. This compares to an average of $404,707 recorded during
the first half of December 2007 and to an average of $343,048 recorded during
the same period in 2006.
“Keeping today’s market statistics in perspective,
MLS® statistics confirm that over the last 10 years the price of homes
has increased in value. What this means for the consumer is that real estate
continues to hold its value and is a solid choice for long-term investments,” said
In the 416 area, 619 transactions were recorded during the
first half of this month, from 1,402 sales that took place during the same
timeframe a year ago.
The average price in the 416 area is currently $382,759, from
an average of $450,731 a year ago, and $367,650 recorded in the first half
of December 2006.
In the 905 region 868 homes changed hands in the first two
weeks of this month, from 1,466 transactions that took place in the first half
of December 2007.
The 905 region’s current average price is $344,887 from
an average of $360,691 recorded during the same timeframe a year ago and $325,477
recorded at mid-December 2006.
“The recent C.D. Howe land transfer tax study confirms
REALTORS’® concerns that the second LTT imposed on homebuyers in
the City of Toronto has indeed contributed to the economic conditions in the
GTA,” added Ms. O’Neill.
There are currently 24,708 listings on the TorontoMLS system,
from 17,027 a year ago. The average number of days a home now remains on the
market is 43, as compared to 33 days a year ago. Sellers are achieving 96 per
cent of their listing price, as compared to 98 per cent a year ago.
“Location, price and your own personal financial and
family situation all play an important role when considering a purchase,” said
Ms. O’Neill. “REALTORS® can
provide you with information about neighbourhoods, school districts and realistic
pricing because of their vast knowledge of the local community.”
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