August 2008 recorded a steady pace of resale homes in The Greater Toronto market. The neck breaking speed of the last several years has turned into a normal and steady pace, and it shows signs of continuing.
Unlike the figures we see in most other Canadian housing markets, the Greater Toronto Area (GTA) still managed to show a modest average price increase of 1 per cent, compared to August 2007. Prices in the City of Toronto however, came down by 1 per cent compared to August last year.
However, the number of home sales is not fairing as well. Sales continue to show a steady drop both in the GTA and the City of Toronto. August sales were down 22 per cent in the GTA and 25 per cent in Toronto, compared to the same month last year. Home buyers are being helped by an increase in active listings. There are currently 25,076 properties available for sale, which is a 31 per cent increase over the number of active listings in the Toronto MLS system a year ago.
In order to provide you with more specific and relevant housing market information, I will be producing a monthly report highlighting average home sale prices, by selected Toronto neighbourhoods.
|
Toronto Prime Neighbourhoods Market Watch – July to August 2008 |
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|
Field |
No. of Sales |
Average |
Median |
Low |
High |
| Bennington Heights | |||||
|
Sold Price |
1 |
$599,000(*) |
See Below |
See Below |
See Below |
| Chaplin Estates | |||||
|
Sold Price |
7 |
$1,045,286 |
$1,029,000 |
$700,000 |
$1,455,000 |
| Davisville Village | |||||
|
Sold Price |
22 |
$600,272 |
$568,550 |
$385,000 |
$920,000 |
| Lawrence Park | |||||
|
Sold Price |
3 |
$2,382,000 |
$2,250,000 |
$1,165,000 |
$3,731,000 |
| Leaside | |||||
|
Sold Price |
19 |
$856,084 |
$851,000 |
$440,000 |
$1,537,500 |
| Moore Park | |||||
|
Sold Price |
3 |
$1,063,917 |
$916,750 |
$550,000 |
$1,725,000 |
| Rosedale | |||||
|
Sold Price |
7 |
$1,365,721 |
$1,005,050 |
$715,000 |
$2,880,000 |
(*) There was only one home sale in Bennington Heights in August 2008. Therefore the price shown is the listing price. Privacy laws do not allow the publication of individual homes sale prices.
The above Toronto average sale price report is not meant to be an all-encompassing city wide survey, and it includes only neighbourhoods in Central Toronto. This report represents the areas in which I specialize and of which I have an intimate knowledge.
If you do not see your own neighbourhood here, call me or send me an email, and I will try to accommodate your needs.
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