September Real Estate Market news
With 6,424 homes changing hands last month, activity in the GTA declined six per cent compared to the 6,866 sales that took place in September 2007 and declined three per cent compared to the 6,622 transactions that were recorded two years ago.
From a year-to-date perspective, the GTA resale housing market has declined 14 per cent from the 73,827 transactions recorded a year ago. To date, there have been 63,595 sales through the TorontoMLS system this year. In the City of Toronto year-to-date sales have declined 16 per cent from last year’s figure of 30,059 to 25,257 transactions this year. In the 905 Region year-todate sales have declined 12 per cent. So far this year there have been 38,338 sales in the 905
In the City of Toronto sales were less robust. The 2,546 transactions recorded last month declined 11 per cent from the 2,854 sales in September 2007.In the City of Toronto, the current average price of $393,647 declined six per cent from the September 2007 average of $420,182 for the first time in decade.
In the 905 Region, the average price of $352,071, increased marginally from the $351,641 recorded in September 2007, and was up five per cent from 2006 September average of $333,818.
In Scarborough East (E08) transactions increased 22 per cent compared to September 2007 based on strong sales of all housing types.Streetsville (W19) saw an 11 per cent sales increase due primarily to strong detached home sales.
In Newmarket (N07) transactions increased 11 per cent compared to a year ago, driven mainly by strong condominium townhouse sales.
With the average number of days on market increasing to 36 days from to 31 days a year ago, it is taking slightly longer for homeowners to achieve a sale.
Source:Toronto Real Estate Bord