HOT REAL ESTATE MARKET, MONTHLY REPORT TORONTO, August 18, 2009 - In the first two weeks of August, Greater TorontoREALTORS® reported 3,832 sales – up 27 per cent compared to the first two Summary Of August Sales And Average Price August 2009 2008 Sales Average Price Sales Average Price City of Toronto ("416") 1,465 $391,252 1,192 $394,563 Rest of GTA ("905") 2,367 $379,181 1,827 $360,326 GTA 3,832 $383,796 3,019 $373,844 Source: Toronto Real Estate Board
weeks of August 2008. The average price for these transactions was up three percent year-over-year to $383,796. "The results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term," said TREB President Tom Lebour. Year-to-date sales, at 54,303 are up slightly compared to 54,138 in 2008. Average price, at $385,603 is down by less than one half of one per cent. "Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the economy," explained Jason Mercer, TREB's Senior Manager of Market Analysis. |