"Real Estate Bits"

December 04, 2008 - Greater Toronto REALTORS® recorded 3640 transactions last month, down from 7313 sales in November 2007, Toronto Real Estate Board President Maureen O’Neill has announced.

Year-to-date sales figures for the Greater Toronto Area show 72,086 transactions in 2008, down from the 88,695 sales recorded in the same January to November period during 2007. By contrast, the 2008 year-to-date average price in the GTA is $379,489, from compared to the price of $375,445 recorded during 2007.

“Its important for the public to understand that while sales activity has moderated in 2008, due to current economic conditions, the average price of homes has increased from 2006 still making real estate investment an excellent and solid long goal,” said O’Neill.

In the 416 area 1523 transactions took place last month, down from the 3426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area code this year. That figure is down from the 36,804 transactions last year. It is important to remember that many people bought last fall in advance of the new Toronto Land Transfer Tax that went into effect in February of 2008.

In the 905 Region 2117 homes changed hands last month, down from November 2007’s figure of 3887 sales. The 905 Region’s year-to-date figures show 43,280 transactions this year, down from 51,891 sales figure recorded during the same period in 2007.

“Homeownership in the Greater Toronto Area continues to be an affordable, stable and secure investment,” said Ms. O’Neill. “Home Buyers and Sellers should be confident about their bricks and mortar investment which provides shelter and a place to raise a family. Home prices are affordable, interest rates are at historical low levels and the supply of homes for sale is good providing additional reasons for Buyers thinking of entering the real estate market, said Ms. O’Neill.

The average price of a home in the GTA last month was $368,582, from $393,747 noted in November 2007. In November 2006 the average price was recorded at $355,727.

In the 416 area, last month’s average price was $390,225, down from $433,859 noted in November 2007. The average price recorded in November 2006 was $381,188. From a year-to-date perspective the 2008 average price in the 416 area is $411,155, down marginally from last year’s figure of $411,640.

In the 905 Region, the average price recorded last month was $353,012, from $358,391 recorded in November of 2007. In November 2006 the average price was $335,522. The year-to-date average price in the 905 Region this year is $359,245, up from $349,774 in 2007.

The average number of days a home currently remains on the market in the GTA is 41, up from an average of 32 days last November. There are currently 27,037 homes listed on the Toronto MLS system compared to 18,309 available properties in November 2007.

“While homeownership offers immediate benefits and long term value by way of equity, it also provides tax benefits over time,” said Ms. O’Neill. “If you bought a house five years ago, it would be worth more than 20% more today.”

“As REALTORS®, we help build communities and will continue to do so even during challenging economic times,” added Ms. O’Neill. “It’s important to consult with a REALTOR® to get accurate local market information.”