Wednesday, November 5, 2008

Toronto home resales down 35 per cent in October

By THE CANADIAN PRESS

Last Updated: 5th November 2008, 12:37pm

The number of resale home deals fell 35 per cent in the Greater Toronto Area last month compared with a year earlier, according to a tally by the Toronto Real Estate Board.

And the average price was down 10.6 per cent, to $352,974 from $394,646.

The realtors’ group tracked a 13 per cent price decline in the central city to $376,896 and an eight per cent pullback in the suburban 905 area to $336,049.

The number of properties listed for sale swelled 32 per cent from a year earlier to 27,277.

The overall region booked 5,155 home resales in October, down from 7,915 in October 2007 and 6,876 in October 2006, the board said Wednesday in a report headed: “Resale housing market continues to reflect economic times.”

However, board president Maureen O’Neill stressed:“There’s no doubt that real estate will continue to be a solid long-term investment in our country.”

O’Neill suggested that “consumer confidence is being unduly affected by media reports on the United States economy,” and she emphasized: “There’s no question that in Canada the economic fundamentals to support a healthy housing market remain in place.”

1 comment:

Unknown said...

The high end Toronto Condo market of $500 sq. ft is now going over $1,500 sq. ft. at some high end projects like the Four Seasons residences and the residences at the Ritz Carlton. Toronto’s selling points are as follows: investors find the city safe economically, politically, and socially, by world standards our Condo prices are a bargain. Toronto is developing into a rich and highly educated core with more and more expensive Condos on the market to satisfy this new lifestyle.