Toronto real estate – short report

August 27, 2009

A short note from TREB confirms the continuous positive trend of this summer on the Toronto real estate market.

In the first weeks of August, 3,832 units were reported as sold. When compared to the first weeks of August 2008, this figure was 27% higher. The average seling price was $383,796, 3% higher than the last years. If you consider inflation reaching values around zero during the last 12 months, it means your properties gained value regardless of autumn price decreases.

Year-to-date sales have already reached last year's level, despite a slow winter. 54,303 units have been sold, compared to 54,138 in 2008. Average year-to-date price was down by 0.5%. These statistics show that the Toronto real estate resale market can be one of the leaders of economic recovery in Ontario.

Using words of Jason Mercer, TREB's Senior Manager of Market Analysis: "Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the economy."