Ontario

GTA September 2008 Sales and Prices

By Brian Madigan LL.B.


According to the Toornto Real Estate Board report for September 2008:



Sales Volumes

· reported 6,424 sales of single family dwellings in September for all areas

· down about six per cent from the 6,866 sales recorded during September 2007

· down just three per cent from the 6,622 figure recorded in September 2006.

· September 2007's 6,866 sales was the second best September figure ever recorded

· The overall transaction figure for September masks significant regional differences.

· City of Toronto sales registered 2,546, down 11 per cent from the 2,854 from 2007

· down five per cent from the 2,680 recorded during September 2006.

· 905 suburbs, 3,878 sales

· down three per cent from last year's 4,012 sales

· down two per cent from the September 2006 sales of 3,942 sales.

Prices

· Overall, GTA prices declined three per cent from their year-ago

· average of $368,549 compared to September 2007 $380,132.

· GTA's regions fared quite differently on average price during September

· City of Toronto, $393,647, fell six per cent from September 2007's $420,182

· rose six per cent from September 2006 $371,682

· 905 average price at $352,071, rose marginally from the $351,641 recorded in 2007

· up five per cent from 2006 September figure of $333,818.

Conclusions and Observations

Overall, it would appear that volumes and prices are holding relatively firmly even in troubled times. The prices inn the City were artificially increased in 2007. That was due in part to the imposition of a Toronto Land Transfer Tax.

The effect of that tax has now worked itself into the market. To some extent, before it came in, the City of Toronto stole some deals from the outlying regions, that is, the 905. Toronto prices are down 3%, but the 905 is steady.

When it comes to volumes, both are off slightly: Toronto is down 11%, but the 905 is down 3%.

All in all, that appears to be a fairly strong market.



Brian Madigan LL.B., Realtor is an author and commentator on real estate matters,
www.OntarioRealEstateSource.com

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