August Resale Market Figures...Sales up, Prices up!
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Toronto, September 2, 2009 - In August 2009, the Toronto Real Estate Board reported 8,035 sales, up 27 per cent from August 2008. The average price for August transactions was $387,921 - up by six per cent compared to the same month last year.
"The increase in demand for existing homes has been widespread across different housing types and price ranges", said TREB President Tom Lebour. "This suggests many categories of home buyers have chosen to make a long-term investment in housing, from first-time buyers to move-up buyers who are seeking a lifestyle change."
Year-to-date sales, at 58,421 were up two per cent compared to the first eight months of 2008. Average price, at $385,978 was up by less than one-half of one per cent.
"We have heard more positive economic news lately. The improved housing market has played a key role," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have helped other sectors of the economy through home buyers' spending on things like financial and legal services, moving, renovations and home furnishings."
Summary of August Sales And Average Price
City of Toronto ("416): 2009 Sales 3,109 2009 Average Price $402,246 2008 Sales 2,437 2008 Average Price $377,990
Rest of GTA ("905)": 2009 Sales 4,926 2009 Average Price $378,880 2008 Sales 3,881 2008 Average Price $456,658
GTA: 2009 Sales 8 $364,886,035 2009 Average Price $387,921 2008 Sales 6,318 2008 Average Price