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« Big banks cut lending rates | Main | GTA Housing Resales at 2,044 in Mid February »

Spring Thaw in Toronto Housing Market?

National Post
February 21, 2009

The Toronto Real Estate Board reports that mid-February sales are down from the same period last year, and average prices are down, but that the rate of decline is slowing.

The first two weeks of February had 2,044 sales, compared with 2,775 sales in the 2008 period. The average home price in the GTA was $364,748 compared with $385,735 in mid-month February last year.

Jason Mercer, TREB's senior manager of market analysis, has noticed a slowing in the decline of prices, and says that "if this trend continues into the spring, it could point toward average home prices levelling off between $360,000 and $370,000."

In the 416 area, sales fell 23%, at 816 sales this period from 1,066 sales. In the 905, they fell 28%, at 1,228 against 1,709. Prices in the 416 averaged $400,467, down 8% from $434,914, and in the 905 were $341,013, down 4% from $355,059.

Posted on Wednesday, February 25, 2009 at 01:28PM by Registered CommenterElaine in , | CommentsPost a Comment | References1 Reference

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