Monday, December 21, 2009

December Mid-Month Resale Housing Market Figures

Greater Toronto REALTORS reported 3,079 existing home transactions in the first two weeks of December compared to 1,487 in 2008. The strong growth represents both increased home ownership demand and the fact that we are comparing the recovery phase of the sales cycle this December with the contraction phase experienced last winter.

Year-to-date sales, at 84,888, were up 16 per cent compared to the same period last year and have moved in line with the healthy levels experienced in the 2004 through 2006 period.

"We experienced a very strong and broad based recovery in the second half of 2009," said Toronto Real Estate Board President Tom Lebour. "The rebound in the housing sector speaks to the confidence that households have in overall economic recovery.”

The average resale home price during the first two weeks of December rose 17 per cent to $423,103. The year-to-date average was $395,411, up four per cent compared to the same period in 2008.

“The double-digit price growth we have experienced since September will continue through the first quarter of 2010. Average price growth will move to a sustainable pace in the spring as listings increase," according to Jason Mercer, TREB's Senior Manager of Market Analysis.

Sunday, December 6, 2009

GTA home sales double in November

Greater Toronto REALTORS® reported 7,446 sales in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to the first 11 months of 2008.

“This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour.

“Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.”

The average price for November transactions was up 14 per cent year-over-year to $418,460. The average price year-to-date was up four per cent to $394,464.

“Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels.”

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