Market December 2009
Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per
cent increase over 2008. This result included 5,541 sales in December. The 2009
result was in line with the healthy levels of sales experienced between 2004 and
2006, but lower than the record of 93,193 set in 2007.
“After a slow
start to the year, existing home sales rebounded during the second half of
2009,” said TREB President Tom Lebour. “As consumer confidence improved, many
households moved to take advantage of affordable home ownership opportunities in
the GTA. The strong residential real estate sector was a key contributor to
overall economic recovery in Canada.”
The average home price in 2009
climbed four per cent to $395,460. The average price for December transactions
was $411,931.
“Market conditions became very tight in the latter half of
2009. Sales climbed strongly relative to the number of homes listed for sale,
resulting in robust price growth that more than offset average price declines in
the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A
greater supply of listings in 2010 will see home prices grow at a sustainable
pace.”
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