The Greater Toronto Area resale housing market reported 5,155 sales in October, Toronto Real Estate Board President Maureen O’Neill announced. This represents a 35% decline from the 7,915 sales reported in October 2007 and a 25% decrease from the 6,876 transactions that took place during the same period two years ago.
In the City of Toronto, there were 2,136 sales, with sales activity down 38% from the 3,455 transactions recorded last October. In the 905 Region 3,019 sales were recorded, with sales activity down 32% from a year ago when 4,460 homes changed hands.
With 68,570 transactions to date this year, sales are within 16% of the 81,563 transactions noted a year ago. The 2007 market referred to was a record breaking year with each month breaking records for the entire year. Putting this into perspective, 2008 figures are indicative of a return to a more balanced market.
In the City of Toronto, the current average price of a home was $376,896, down 13% from last October’s average of $434,022 and within 3% of the October 2006 average of $386,807.
In the 905 Region homes are selling for an average price of $336,049, a decline of 8% from October 2007’s average of $364,142. Prices in this area however, remain one per cent higher than the October 2006 average of $332,822.