Resale housing remains steady

October 17, 2008

The Greater Toronto resale housing market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill said in a press release. The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent. Ms O’Neill is happy to see these figures:

“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make.”

Toronto Polo Townhome

With 6,318 transactions recorded last month, sales in the GTA declined 22 per cent compared to the record August 2007 figure of 8,059.

Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14 per cent of the 67,146 figure recorded a year ago, Ms. O’Neill concluded.

You can read the whole press release and more detailed stats by clicking here.