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Greater Toronto Real Estate Housing Market Prices and Sales Stats as of Mid-November 2008

November 19, 2008 -- Greater Toronto REALTORS® recorded 1,991 resale transactions during the first half of November 2008 from 3,544 sales recorded during the same period a year ago, Toronto Real Estate Board announced.

The Greater Toronto Area year-to-date figures show 70,474 sales in 2008 from 84,994 recorded during the same period in 2007.

Whats the average house price in Toronto Canada?Toronto 416 Area Code Housing Stats – Number of Sales:

In the 416 area, 830 homes changed hands in the first two weeks of November from 1,643 transactions recorded during the same time frame a year ago. The year-to-date figures show 28,126 compared to 35,045 recorded in 2007.

Surrounding 905 Area code Housing Stats – Number of Sales:

In the 905 Region there were 1,161 sales during the first half of the month from the 1,901 transactions recorded at mid-November 2007. The year-to-date figures show 42,348 compared to 49,949 recorded in 2007.

‘It’s particularly important to interpret the 416 area statistics in context given the market surge we saw a year ago when buyers moved to avoid the new Toronto Land Transfer Tax,” said Ms. O’Neill President of treb.  “At midmonth a year ago, transactions in the 416 area had increased 24 per cent over the same period in 2006.”   Check out our link for more information on the Toronto Land Transfer Tax.

What is the Average House Price in Toronto?What is the Average House Price in Toronto as of November 2008?

In the first two weeks of November 2008, the average price of a home in the GTA was $375,712 compared to $393,084 recorded a year ago.  It’s a Buyers market and there are some incredible opportunities.

In the 416 area, homes are currently selling for an average of $400,305 from the $432,972 average recorded during the same time period in 2007. An average price of $383,029 was recorded in the first two weeks of November 2006.

Average House Prices in the Surrounding 905 Region (includes Mississauga / Brampton) as of November 2008

In the 905 Region the average price is currently $358,130 from $358,610 recorded a year ago. During the first half of November 2006 the average price was recorded at $336,576.



While the 905 area prices are holding steady, one can’t ignore the impact that the Toronto Land Transfer Tax has played on consumers.   While the suburbs enjoy overall lower prices and no second Land Transfer Tax, many Toronto residents enjoy lower commuting costs – so why the discrepancy in price drop.   I know as an investor the second land transfer tax has played a role.    Click here to view our easy Land Transfer Tax Calculator - compare Provincial and City Land Transfer Tax.

Perhaps we just need to get over the tax shock and remember a home not only offers shelter and an environment in which life’s most important moments are shared, but also offers financial appreciation in the long term.     With rental rates increasing buying a home still make sense in the long run.   (Rental Rates Report)

Rental transactions and rental rates are up for 2008.   Our office in particular has experienced an increase in the volume of short term rental enquiries.  We’ve recently expanded our Rental Department to meet the needs of both our investors and consumers looking for quality condos and houses for rent.   Consumers may be a little hesitant to buy at the moment, but when looking at the current rental rates versus today’s low mortgage rates – it’s a debate on which way to turn for today’s buyers.    We have planners available for telephone enquiries to help you make that important decision.   It’s the right time to take advantage of all Government Incentive Programs to help with a down payment.   Timing is right to utilize the RSP Program – top it up now to take advantage of the tax credit for a Spring purchase.   Not sure how it works – give us a call 905-896-3333 and ask for our First Time Buyers Department.

Interesting Stats for Sellers:

Toronto House PricseCurrently there are 27,562 homes listed for sale on the TorontoMLS system compared to a year ago when 20,173 properties were available. As such, the average time homes are remaining on the market is 41 days from 31 days in 2007. Sellers are currently achieving 97 per cent of their list price.  Find out the specific average days on market for your area.  Free Market Evaluations.

Visit us at www.SuttonRealty.com or call 905-896-3333 or 416-896-3333

Ask us about our Sutton Member Mortgage Special – One of CANADA’S LOWEST 5 Year fixed mortgage rate.    More Info

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