Ken
New Member
See http://www.torontorealestateboard.com/consumer_info/market_news/mw2009/pdf/mw0901.pdf
TORONTO - Wednesday, February 4, 2009
TREB Members reported 2,670 sales in
January from the 5,075 sales reported in
the first month of 2008. Of these, 1,106
transactions took place in the City of Toronto
compared to 2,128 in January 2008. In the
surrounding “905†area, 1,564 sales were
recorded, from 2,947 last year.
The GTA housing market has not been immune
to the economic slowdown in Canada. Some
potential home buyers were less-certain
about their positioning in the economy over
the past year. Until the economy rebounds,
and along with it consumer confidence, the
number of existing home sales will be more
moderate in comparison to the average over
the last ten years.
Home prices also moderated in January.
The average MLS selling price dipped
to $343,632. The average price was
$364,415 in the City of Toronto, from
$404,202 in 2008. In the surrounding
regions (“905†area code), the average
price was $328,935 from $352,965 last
year. Buyers have experienced more choice
in the existing home marketplace. Lower
selling prices have resulted.
It should be noted that the GTA housing
market has followed the broader economic
slowdown, but was not a cause of the
downturn. Home prices remained affordable
throughout the new millennium. The average
family can still qualify for a mortgage on
the average priced home. This remains the
case today. Given that we are not facing
an early-1990s-style affordability crisis, the
rebound in the housing market will likely be
quick once economic recovery takes hold.
TORONTO - Wednesday, February 4, 2009
TREB Members reported 2,670 sales in
January from the 5,075 sales reported in
the first month of 2008. Of these, 1,106
transactions took place in the City of Toronto
compared to 2,128 in January 2008. In the
surrounding “905†area, 1,564 sales were
recorded, from 2,947 last year.
The GTA housing market has not been immune
to the economic slowdown in Canada. Some
potential home buyers were less-certain
about their positioning in the economy over
the past year. Until the economy rebounds,
and along with it consumer confidence, the
number of existing home sales will be more
moderate in comparison to the average over
the last ten years.
Home prices also moderated in January.
The average MLS selling price dipped
to $343,632. The average price was
$364,415 in the City of Toronto, from
$404,202 in 2008. In the surrounding
regions (“905†area code), the average
price was $328,935 from $352,965 last
year. Buyers have experienced more choice
in the existing home marketplace. Lower
selling prices have resulted.
It should be noted that the GTA housing
market has followed the broader economic
slowdown, but was not a cause of the
downturn. Home prices remained affordable
throughout the new millennium. The average
family can still qualify for a mortgage on
the average priced home. This remains the
case today. Given that we are not facing
an early-1990s-style affordability crisis, the
rebound in the housing market will likely be
quick once economic recovery takes hold.