Skip to main content

GTA Real Estate Market Soaring

November 9, 2009 -- Tom Lebour, President of the Toronto Real Estate Board--It has been a red-hot autumn in the Greater Toronto Area resale housing market.In the first two weeks of October, Greater Toronto REALTORS® reported 3,631 sales, a 34 per cent increase compared to the same period a year ago. The average price of GTA homes sold during this timeframe also grew, by 17 per cent, to $414,479. Condominium sales increased 23 per cent to 857 transactions, with an average price of $292,439, up 12 per cent year over year.The average price increased most significantly in the City of Toronto while the 905 Region experienced the strongest sales volumes. In the City of Toronto the average price climbed to $455,001, a 21 per cent increase from mid-October last year. The number of sales was up 31 per cent compared to the same period, reaching a total of 1,489 transactions. Condominium sales in Toronto increased 17 per cent from a year ago, to 589 transactions. They sold at an average price of $318,356, up 15 per cent from a year ago.In the 905 Region sales activity soared to a 37 per cent increase over the first half of October 2008, totaling 2,142 transactions. The average price of a 905 Region home was $386,311, up 14 per cent from a year ago. Condominium transactions increased 40 per cent from a year ago in the 905 Region to 268 sales. They fetched an average price of $235,480, up eight per cent from mid-October last year.Year-to-date sales throughout the GTA have increased six per cent over last year, to a total of 69,964 transactions, putting 2009 on track to finish with some of the best years on record. The average GTA house price has also increased two per cent year-to-date, to $389,697.Given that a global recession resulted in a significant decline in sales activity at this time a year ago, it’s reasonable for this autumn’s sales to be strong by comparison. Substantial price gains though, are particularly noteworthy.I discussed this characteristic of the market with the Toronto Real Estate Board’s Senior Manager of Market Analysis Jason Mercer, who pointed to the factors of supply and demand. “Encouraged by record low interest rates and improved economic outlooks, households in the GTA have become increasingly confident in the home ownership market since the spring. With demand for resale homes rising and listings actually trending lower, it has not been surprising to see an accelerating rate of home price appreciation on average.” According to Mercer, the outlook for the spring housing market is also favourable.“Homeowners will react to the strong price increases experienced in the second half of 2009 and we will see the number of listings increase in 2010. I expect to see the average resale price continue to grow at a sustainable rate next year as well.”

If you’re thinking of buying or selling a home in the coming months I encourage you to give me a call. Together, we can make it happen. I am always happy to help.

Comments

Post a Comment

Popular posts from this blog

GTA REALTORS ® Release July 2025 Stats

TORONTO, ONTARIO, August 6, 2025 – The Greater Toronto Area (GTA) experienced the best home sales result for the month of July since 2021. Sales were also up relative to listings, suggesting a modest tightening in the market compared to last year.  “Improved affordability, brought about by lower home prices and borrowing costs, is starting to translate into increased home sales. More relief is required, particularly where borrowing costs are concerned, but it’s clear that a growing number of households are finding affordable options for homeownership,” said Toronto Regional Real Estate Board (TRREB) President Elechia Barry-Sproule. GTA REALTORS® reported 6,100 home sales through TRREB’s MLS® System in July 2025 – up by 10.9 per cent compared to July 2024. New listings entered into the MLS® System totalled 17,613 – up by 5.7 per cent year-over year.  On a seasonally adjusted basis, July home sales increased month-over-month compared to June 2025. New listings also rose compared...
Post a Comment
Read more

7 Ways to Make Your Home Cozier This Winter Without Spending

As the temperatures continue to drop, we'll all be spending more time indoors. There are countless ways to make your home feel cozier for the winter if you have extra money to spend, but if you're being mindful of your finances after the holidays, here are some ideas to help you do it without spending. Bring Out the Blankets As the temperatures drop, it’s time to bring out all of those extra throw blankets and quilts you have lying around in storage. Drape blankets over your couches, chairs, beds, and ottomans; fill a blanket ladder and display it in the corner of a room; or fold extra blankets and place them in the corner. Sticking to warm textures such as wool where possible will help to make the space feel cozy. Light Candles Lighting some candles around your home is one of the easiest ways to make your space feel cozy, and who doesn’t have a stash of candles sitting around somewhere in their home? Not only will the flickering light add a sense of warmth and charm, but your ...
Post a Comment
Read more

Getting Your Home Back To School Ready

The countdown is on for back to school. If you have school-aged kids, now the time to prep for the busy days ahead. So, how can you get your home ready for the rush? Organize your entryway with a place to hang jackets and a spot for essentials you might need just before you go (e.g., sunglasses and keys). Declutter clothes and books, donating or selling items your kids have outgrown. Designate a study area with ample space, good lighting, and a comfortable chair. This could be in the kitchen so you can supervise homework while cooking, at the dining table, or at a desk in your child’s bedroom. Also, organize and stock up on school supplies. Organize cupboard space for lunch containers. Create a spot for quick and healthy after-school snacks like fruits and nuts, and reserve space in the fridge for perishable snacks like yogurt, cheese, and cut-up vegetables. Have a spot to hang art and test scores, such as a pegboard, a strong with clothespin, or a classic spot, the fridge. With little...
Post a Comment
Read more