June 2009 Real Estate Market Update

June 2009 was the best June on Record. There was 18,704 homes listed for sale in Toronto, Mississauga, Brampton, Oakville and GTA compared to June last year, where 26,697 properties had been listed for sale. This indicates a declined inventory compared to inventory levels last year of over 8000 units. The average time for a home to remain on the market was 33 days in June 2009. This was down 1 day compared to June of 2008, but reduced by 2 days compared to last month. Reduced inventory and decreased time on the market are strong indications and signs that market conditions in the GTA are improving.

Also, the number of sales was up by 27% with 10,955 sales in June of 2009 compared to 8,600 in June of 2008 for the Greater Toronto Area. This substantial increase was a record for home sales for any June on record. We see the increase of confidence for homebuyers that are now purchasing a come in the more affordable market conditions.

When comparing home prices, the average price for a home in June of this year was 403,972. This is up by 2% compared to June 2008. The average resale home price is up as there is less inventory and more buyers with a reemergence of a sellers market. Also many homebuyers have taken advantage of low mortgage rates that have bolstered sales.

The Toronto and Mississauga Real Estate markets have done fairly well in these difficult economic times as we see the number of sales and home prices rebound. With these market conditions, buyers and sellers were interested in making a deal. The current low interest rates as well as foreign investors attracted to Toronto's more stable real estate market make June the best on Record.

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