December 2009 Real Estate Update

When we review the GTA 2009 real estate market, we see that although it started out slow, it really picked up and rebounded in the summer months and in the final part of the year, resulting in a 17% increase of the number of real estate transactions over 2008.

Although it did not break the record set in 2007 of 93,193 transactions, the 2009 year was able to have sales amount levels 87,308. This result included 5,541 sales in December 2009.

Consumer confidence improved throughout the year, and many made a move to take advantage of extremely low mortgage rates. The average home price in 2009 climbed four per cent to $395,460.

The average time for a home to remain on the market in December 2009 was about 27 days. This is down 18 days compared to December 2008 because of the strong consumer confidence. We see the increase of confidence for homebuyers that are now purchasing.

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