October Market news
TORONTO, November 5, 2008 -- The Greater Toronto Area resale housing market reported 5,155 sales in October,This represents a 35 per cent decline from the 7,915 sales reported in October 2007.
In the City of Toronto, there were 2,136 sales, with sales activity down 38 per cent from the 3,455 transactions recorded last October.In the City of Toronto, the current average price of a home is $376,896, down 13 per cent from last October’s average of $434,022 and within three per cent of the October 2006 average of $386,807.
In the 905 Region 3,019 sales were recorded, with sales activity down 32 per cent from a year ago when 4,460 homes changed hands.In the 905 Region homes are selling for an average price of $336,049, a decline of eight per cent from October 2007’s average of $364,142. Prices in this area however, remain one per cent higher than the October 2006 average of $332,822.
“Earlier this year the International Monetary Fund undertook a study of housing markets in 17 countries and found that Canada was one of only two nations in which house prices are supported by the economy,” said Toronto Real Estate Board President Maureen O’Neill. “There’s no doubt that real estate will continue to be a solid long-term investment in our country.”
Source:Toronto Real Estate Board