Fewer Sales and High Number of Listings Benefit Toronto Home Buyers
On January 19, 2009 TREB President Maureen O’Neill announced that Greater Toronto REALTORS® reported 888 sales during the first half of January 2009, compared to 1,776 in the first 15 days of 2008.
Back in January 2000 there were 2,690 homes sold. In January 2005, TREB reported that sales had broken the 4000 level. Only five times in history had TREB January sales reached such high levels.
When we compare the 888 sales for the first half of January 2009 to a more balanced year, such as 2000 with about 1340 sales in mid-January, then the first half of January 2009 does not look so catastrophic. After all, we all expected and hoped for a return to more “normal market conditions.”
In January 2009, stronger declines in sales and prices were experienced in the City of Toronto. “Sales for January a year ago may have been elevated by the flurry of transactions completed before the city’s land transfer tax went into effect,” added Ms. O’Neill.
The average GTA price mid-way through January is $332,495 from $367,574 during the same period in 2008. The median GTA price was $301,000 compared to 316,000 last year.
What does it all mean? With prices continuing to adjust and a higher number of homes for sale, Toronto home buyers are able to relax for the first time in many years.