August 18, 2009

According to new figures from the Toronto Real Estate Board, there is growing strength in the Greater Toronto Area resale market.

According to the Board, there were 3,832 sales in the first two weeks of August. This is up 27 per cent from the comparable period in the first two weeks of August 2008. The average price for these transactions was up three per cent year-over-year to $383,796.

“The results for the first half of August indicate that many households in the GTA remain confident in their ability to purchase and pay for a home over the long term,” said TREB President Tom Lebour.

The year-to-date sales are up only slightly — 54,303 in 2009 so far compared to 54,138 in 2008. Average prices – at $385,603 – is down by less than one half of one per cent.

“Strong resale housing demand will contribute to broader economic recovery as each transaction results in substantial spin-off benefits to other sectors of the economy,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.

Check out their Press Release here.

Matthew Slutsky

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