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Toronto and 905 Real Estate Market Update for August, GTA Prices and Statistics

Mississauga House PricesThe Greater Toronto Area (GTA) resale housing market remained stable throughout the first half of this month, Toronto Real Estate Board announced today (August 19, 2008).

While the summer months may have brought some melting sales results we continue to see consistent levels with respect to prices.  While the numbers in sales and prices are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall real estate market.
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GTA Resale Sales Volume Statistics

With 3,019 transactions in the GTA during the first half of the month, sales were down 13 per cent compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.

City of Toronto Home Sales:

In the City of Toronto, 1,192 transactions were recorded, down 15 per cent from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.

“While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11 per cent between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect,” said Ms. O’Neill, President of TREB.

905 Home Sales including Mississauga, Brampton

In the 905 Region there were 1,827 sales to mid-month, down 12 per cent from the 2,069 transactions that took place in the same period a year ago, and off 10 per cent from the 2,021 sales recorded in the first two weeks of August 2006.
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Toronto House Prices for 2008Resale House Prices in Toronto to Mississauga continue to Climb:

Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.

In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.

In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.
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How long does it take to sell a house?Listing Inventory Statistics - How many days does it take to sell a house?

There are currently 26,128 active listings, up 28 per cent from the 20,365 properties available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.


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Neighbourhood Hot Spots in the GTA

Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.

In Whitby (E15) transactions increased 12 per cent compared to the same period a year ago as a result of strong detached home sales.

Detached home sales also led Aurora (N06) to a 21 per cent increase in transactions.

Streetsville, Mississauga (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.

In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.

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It’s encouraging to see strong activity levels in pockets throughout all four corners of the GTA.  

If you are thinking for selling your home in the coming Fall Market, remember the level of inventory is higher so consider a few “staging tips” to ensure your home stands out among the competition.    Call us for our complimentary staging techniques.
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Visit us at www.SuttonRealty.com – Request a Free Home Evaluation.

Buyers check out our Ultra Low 5 Year Closed Sutton Member Mortgage Special.

Calls welcome at 905-896-3333 – 416-896-3333 Quick Over-the-Phone Information.

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> Looking for more stats – check this page to review the latest trends in interest rates and house prices across Canada. 

Comments

karen g said:

Thanks for the stats.   I like the little tidbit updates.

# August 21, 2008 2:10 PM
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