Over 3,600 Greater Toronto area resale housing sales in November
Greater Toronto REALTORS® recorded 3,640 transactions last month, down from 7,313 sales in November 2007, Toronto Real Estate Board President Maureen O’Neill announced today.
Year-to-date sales figures for the Greater Toronto Area show 72,086 transactions in 2008, down from 88,695 sales recorded in the same January to November period a year ago. By contrast, the 2008 year-to-date average price in the GTA is $379,489, up from $375,445 in 2007.
“It’s 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 a solid long term investment,” said O’Neill.
In the 416 area, 1,523 transactions took place last month, down from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, down from 36,804 transactions a year ago.
In the 905 Region 2,117 homes changed hands last month, down from November 2007’s 3,887 sales. The 905 Region’s year-to-date figures show 43,280 transactions this year, down from 51,891 sales 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 market,” added O’Neill.
The average price of a home in the GTA last month was $368,582, down 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 slightly from last year’s $411,640.
In the 905 Region, the average price recorded last month was $353,012, down 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.”
Ottawa resale market balanced, prices still rising
(Ottawa - December 5, 2008) Members of the Ottawa Real Estate Board sold 646 residential properties in November through the Board’s Multiple Listing Service® system compared with 890 in November 2007, a decrease of 27.4%. There were 964 sales in October 2008.
“These numbers are right in line with the Canada Mortgage and Housing Corporation’s just-released forecast for resale home sales in Ottawa for the remainder of 2008,” said Board President Heather Skuce. “Sales are moderating to near-2006 levels; in fact, 2008’s year-to-date sales numbers are still slightly ahead of 2006. In that year, 13,090 homes had been sold by November 30th, versus 13,264 so far this year. Sale prices continue to rise, and CMHC says Ottawa is now becoming a balanced market, which offers plenty of opportunity for both buyers and sellers,” Skuce added.
The average price of residential properties, including condominiums, sold in November in the Ottawa area was $291,441, an increase of 7.7% over November 2007.
Source: Canada Realty News
Year-to-date sales figures for the Greater Toronto Area show 72,086 transactions in 2008, down from 88,695 sales recorded in the same January to November period a year ago. By contrast, the 2008 year-to-date average price in the GTA is $379,489, up from $375,445 in 2007.
“It’s 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 a solid long term investment,” said O’Neill.
In the 416 area, 1,523 transactions took place last month, down from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, down from 36,804 transactions a year ago.
In the 905 Region 2,117 homes changed hands last month, down from November 2007’s 3,887 sales. The 905 Region’s year-to-date figures show 43,280 transactions this year, down from 51,891 sales 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 market,” added O’Neill.
The average price of a home in the GTA last month was $368,582, down 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 slightly from last year’s $411,640.
In the 905 Region, the average price recorded last month was $353,012, down 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.”
Ottawa resale market balanced, prices still rising
(Ottawa - December 5, 2008) Members of the Ottawa Real Estate Board sold 646 residential properties in November through the Board’s Multiple Listing Service® system compared with 890 in November 2007, a decrease of 27.4%. There were 964 sales in October 2008.
“These numbers are right in line with the Canada Mortgage and Housing Corporation’s just-released forecast for resale home sales in Ottawa for the remainder of 2008,” said Board President Heather Skuce. “Sales are moderating to near-2006 levels; in fact, 2008’s year-to-date sales numbers are still slightly ahead of 2006. In that year, 13,090 homes had been sold by November 30th, versus 13,264 so far this year. Sale prices continue to rise, and CMHC says Ottawa is now becoming a balanced market, which offers plenty of opportunity for both buyers and sellers,” Skuce added.
The average price of residential properties, including condominiums, sold in November in the Ottawa area was $291,441, an increase of 7.7% over November 2007.
Source: Canada Realty News
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