Toronto's real estate market is warming up just in time for spring. The Toronto Real Estate Board reported 3,681 transactions during the first half of April, a 7% decline over the same period last year. Sales volumes in Toronto's real estate market have been down between 20%-50% over the past six months. April's sales figures are the first sign that home buyers are coming back in to the real estate market in large numbers.
The following table shows that most of the decline in sales was in the 905 Region, sales in the City of Toronto were relatively flat. Average prices in the City of Toronto are down by roughly 10% from $454,222 in 2008 to $412,987 in 2009, but this doesn't mean that most houses are worth 10% less than they were a year ago. The average price for the first half of April 2009 is skewed down because there is a 30% decline in sales for homes priced above $1M.
With many houses selling in 2-3 days and the return to bidding wars on some properties, it certainly doesn't feel like a Buyer's market any more.
April 20, 2009Market |