John in HomeBuying, Money, Toronto Real Estate News, Real Insight
Ed note. Real Insight is a periodic feature decoding some of the many mysteries surrounding HomeBuying.
Some of our readers might recall that the Toronto Real Estate Board (TREB) announced that August 2007 was the 5th consecutive record-breaking month for resale home sales in Toronto. But a recent Globe and Mail article titled “Soaring prices dampen August home resales” probably left many of those same readers wondering what’s really going on in the housing market. Were home sales on the rise in August, or did they slow down? Understanding how real estate statistics are reported will help you get a better idea of what’s actually going on in your market.
One of the first things you should be looking for when reading housing statistics is the geographic area that the statistics cover. In the case of the TREB announcement for August, the statistics were strictly for Toronto and the GTA whereas the Globe and Mail article was reporting on national housing statistics. The local numbers give HomeBuyers a better idea of what is going on in their specific market whereas national statistics give you a better understanding of the overall health of the Canadian real estate market.
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