October Real Estate Market Update

The Toronto Real Estate board recorded approximately Five Thousand sales of GTA resale homes in the month of October 2008. This represents a Thirty Five percent decline from October of last year.

For the city of Toronto, sales activity decrease by Thirty Eight percent and the 905 areas (including Mississauga, Oakville, Brampton, etc.) sales decrease by Thirty Two percent compared to last year. However, the first ten months of this year compared to the first ten months of last year, sales are only down Sixteen percent. This shows that 2008 had strong sales for most of the year especially since 2007 was considered a record breaking year where new resale records were exceeded almost every month.

Currently a home in the City of Toronto has a current average price of around $376,000. This is down Thirteen percent from last October’s average. In the 905 Region (Mississauga, Oakville, Brampton, etc.) homes are selling for an average price of $336,000, a decline of Eight percent from last year, however this is still One percent higher than the October 2006.

The Greater Toronto Area had not experienced as much artificially inflated house prices as other major cities experienced North America. However, it is still a buyers market as we are seeing 2006 home prices now on the market.

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