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Toronto Real Estate Board says GTA resale housing market still down

March 19, 2008 -- Resale home transactions in the Greater Toronto Area continued at a moderate pace during the first half of March, Toronto Real Estate Board President Maureen O’Neill announced today.

With 3,183 transactions to mid-month, sales in the GTA and in Toronto declined 14 per cent and 18 per cent respectively compared to the same timeframe a year ago.

“It’s important to recognize that we have endured the snowiest winter since 1939 and this has undoubtedly affected the market,” said Ms. O’Neill. “The storm that pounded the GTA during the second weekend of March likely had more people focused on shoveling sidewalks than house hunting.”

Despite moderate activity, the value of homes in our city continues to appreciate. At an average of $385,405 in the GTA and $409,116 in Toronto, prices have increased five and four per cent respectively compared to a year ago.

As well, some neighbourhoods experienced an increase in activity during the first half of March.

At the North end of the Greater Toronto Area, Georgina (N17) experienced a 39 per cent increase in sales during the first half of March, driven mainly by detached home transactions.The Agincourt area of Scarborough (E07) experienced a 12 per cent overall increase in sales compared to a year ago based primarily on strong condominium apartment sales.

Strong condominium apartment sales also allowed the Weston area in York (W04) to hold strong, with a 28 per cent overall increase compared to a year ago.

Toronto's Downtown core (C01) has also experienced healthy sales activity so far this month, due to strong condominium apartment sales as well. Overall sales in this area were up 11 per cent compared to a year ago.

“Condominium apartments have weathered the winter best so far this year, with 733 sales to date but we remain confident that once the snow has melted, we will see a very active spring market overall,” said Ms. O’Neill. “The land transfer tax in Toronto concerns us and we continue to keep a watchful eye on how this tax plays out in the market.”

 

Posted on Thursday, March 20, 2008 at 09:28AM by Registered CommenterElaine in | Comments2 Comments

Reader Comments (2)

"It’s important to recognize that we have endured the snowiest winter since 1939 and this has undoubtedly affected the market" said Ms. O'Neill. It is very interesting to see that winter can influence total home sales in Toronto this winter. It proves the fact that at the North end of the Greater Toronto Area was recorded 39 per cent increase in sales during the first half of March. Toronto condominiums achieved strong sale in the beginning of the year. In general this ensured positive numbers in overall sales on Toronto real estate market.
March 31, 2008 | Unregistered CommenterToronto neighbourhoods
I am happy to hear:

"Despite moderate activity, the value of homes in our city continues to appreciate. At an average of $385,405 in the GTA and $409,116 in Toronto, prices have increased five and four per cent respectively compared to a year ago."

Reno has been struggling as well. On the up side the price range of homes have been going down to the point where locals can afford it. As many of you know Reno is a gift from California. They move up here with their cash and income.

Here's what's happening in our market: http://renomarketblog.typepad.com//reno/2008/03/reno-real-est-2.html
April 3, 2008 | Unregistered CommenterReno Real Estate

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