Toronto Real Estate Update - Winter 2008/2009

February 2009

February Shows Improvement

This month in Central Toronto real estate, home sales were down -27% while average prices were down -9% to $473,991. Average days on the market for central Toronto real estate went up to 43 days (up 65%) and the average sold price as a percent of list went from 100% to 96%.

While the numbers are still somewhat daunting compared to our booming market of a year ago, it is important to note that the trend is positive when you compare to the last few months. November, December and January saw sales of -59%, -55% and -52% respectively. Is the end of this real estate slump in site? Time and trends will tell. For now, it is still great to be a buyer and to be a seller trading up.

January 2009

Off to a Slow Start in 2009

This month in Central Toronto real estate, home sales were down -52% while average prices were down -8% to $444,661. Average days on the market for central Toronto real estate went up to 44 days (up 42%) and the average sold price as a percent of list went from 99% to 95%.           

Continued economic uncertainty kept buyers at bay this month, with far fewer transactions taking place in the Toronto market than last year. With interest rates and home prices falling month after month, first time buyers are finding great deals and getting into a market that for so long was simply out of reach.

December

Sales Slow in December

This month in Central Toronto real estate, Toronto home sales were down -55% while average prices were down -10% to $479,095. Average days on the market for central Toronto real estate went up to 40 days (up 43%) and the average sold price as a percent of list went from 100% to 95%.

December is never a big month for Toronto real estate sales, but with continued economic uncertainty looming over buyers, this December proved to be especially slow. Most buyers seem to be in "wait and see" mode right now. The media claims prices will continue to fall, and buyers are worried about their investments. That being said, those that are getting out there, are getting great deals. Houses are selling for as much as 30% below their original asking price, and with interest rates at all time lows, it's a great time to be a buyer!