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Toronto House Prices: Average Home Price Chart

Submitted by Jasmina on Sat, 2009-08-08 21:13.

Toronto Real Estate Facts

Spring home buying frenzy continued in June. Buyers and sellers reached deals on 10,955 properties, which is 27% more compared to the same period last year. The average price for MLS sales was $403,972, up by two per cent compared to last year.

It is very unusual what is happening on the market and even the oldest agents in my office haven’t seen anything like this. All of the sudden we are seeing multiple offers, but it is hard to believe recession is coming to an end. I think that sellers were afraid to list so we have a shortage of supply. If that’s the case market will soon become balanced.

If you are a home buyer who missed Toronto Real Estate market bottom while waiting for recession to push home prices further down, then you should check out my article Where to get good deals now?

May 2009: Many home buyers have taken advantage of extremely low mortgage rates and slightly lower home prices:

  • TREB reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007
  • the average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.

April 2009: There were 8,107 sales – down 7% from April last year. The average home price was $385,641 – down three per cent from last year. While sales remained lower than last year, the resale housing market gained momentum on a month-over-month basis. The seasonally adjusted annual rate of sales was up 26% from March and up two-thirds compared to January’s ten-year low.

March 2009: Toronto’s housing market picked up in March with both MLS sales and average house prices:

  • Toronto MLS recorded 6,171 sales as greater number of households have taken advantage of increased affordability
  • Average price for March transactions was $362,052 – sellers seem to be serious about pricing their homes competitively.
“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis.

February 2009: On a month-over-month basis, housing market rebounds after January freeze – average MLS house price was $361,305 for 4,120 home sales that were reported in February. Current home prices and falling mortgage rates suggest that GTA homes have become more affordable:

  • RBC Homeownership Study finds homebuying intentions rebound in Ontario. According to the 16th Annual Survey:
    • 73% of Ontarians think it's a buyers' market right now.
    • 30% of Ontarians said they were likely to purchase a home within the next two years, up 9 points from 21 per cent in 2008.
    • 54% Ontarians believe it makes more sense to buy now, rather than wait until next year.
    • 84 per cent of those polled in Ontario said that buying a home is a good or very good investment.
    • Purchasing intentions in Ontario have increased over last year and sit just shy of 2007 levels!
  • Scotiabank Real Estate Outlook and Trends Forum 2009 discusses how, because of significantly lower cost of ownership, first-time homebuyers will play a major role in the recovery of the Canadian Real Estate Market this year.
  • TD Canada Trust Women and Home Ownership Poll finds what Canadian women want. For the majority of women financial security, outdoor space and privacy are the top 3 best things about home ownership, and economy had no impact on their decision to either not buy or buy a home right now.

January 2009: Toronto Real Estate Board reported 2,670 sales in January compared to 5,075 in the first month of 2008. The average home price in the Greater Toronto Area was $343,632, compared to $374,449 last January. The median price was $303,000 compared to $319,000 last year.

December 2008: Toronto Housing market succumbs to the global market downslide - sales were down by 45 per cent compared to a year earlier, while average prices were off by 8.5%. Unlike western provinces - where market reacted to an extended period of very high price appreciation, Toronto area housing sector suffered mostly from introduction of Toronto Land Transfer Tax (LTT) in October 2007. Recent study by the C.D. Howe Institute and two University of Toronto Economics Professors, shows how the Toronto LTT has had a negative economic impact on the city’s economy and real estate market. Another interesting Toronto housing report shows how inflated real estate prices during the final quarter of 2007 are now exaggerating the current decline in prices! Check it out - makes a good deal of sense.

November 2008: Average home prices have bounced back to September levels, but sales volumes have declined sharply.

October 2008: After a few months of lower sales volume, Greater Toronto Area home prices started to decline too. The average price for a single family resale home dropped 10 percent across GTA to $352,974 in October. We have entered a Buyers’ Market: Sell low... buy lower!

Thinking about making a move?

Explore your Housing Options & educate yourself about impact the economic downturn has had on the GTA Real Estate Market to avoid getting into someone’s unscrupulous clutches and making a critical decision that could negatively impact a big portion of your life and finances.

You deserve to have the best reasoned, the best informed, the most objective and knowledgeable Real Estate advice you can possibly get! Contact me for free, no-obligation consultation or simply to get a second opinion before making important emotional decisions. I will research, identify & negotiate opportunities for you and your loved ones.

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