GTA Market Update December 2009

GTA sales and price recovery continues

We continue to see huge gains vs last year in both unit sales, +104%, and in the average selling price, +14, demonstrating the strength of the recovery in the Greater Toronto Area marketplace.

While these increases may look strange at first glance, but keep in mind that we are comparing against an abnormally weak period of time last year. The increases are spread across all housing types, reflecting both the pent up demand for housing, as well as higher confidence levels in our economy.

Single Family Price Breakdown – November 2009 vs 2008

Dwelling Type
Median Price – November ‘09
% change

Detached
$445,000
+17

Semi-detached
$359,000
+11

Condo Apartments
$270,000
+19

Condo Townhouses
$268,500
+9

Attached/Row Townhouses
$331,000
+12


There are still a lot of buyers waiting in the wings at all price levels. Listings continue to run well below historical levels and many buyers are having difficulty locating their next dream home. This is a very positive sign for the market as we look forward to next year’s spring market.

Historically, we are presently moving into a slower period of the year as both buyers and sellers become preoccupied with seasonal holiday events and winter vacations. This can be a great time to ramp up your home search as there may not be as much competitive pressure when you do find that wonderful new home. .

Please have a look at the sales information by area below. The strength that we are enjoying is widespread throughout the GTA region.

Contact me if you would like at customized look at your own neighborhood.

Sincerely,

Armand Gilks


Summary of November Sales and Average Prices by Area

November 2009 vs 2008
Sales
%chge
Average Price
% chge


City of Toronto ("416")

3,212
+110%

$450,079
+15%


Rest of GTA ("905")
4,234
+100%

$394,474
+12%

Source: Toronto Real Estate Board



District

Area
Sales % chge Nov ’09 vs Nov ‘08
Avge Selling Price Nov 2009
Price %chge Nov’09 vs Nov ‘08

Total GTA
+104%
$418,460
+15%

C01 Downtown
+134%
$423,359
+22%

C02 Annex/Bloor W, etc
+92%
$755,715
+16%

C03 Midtown
+50%
$747,877
-25%

C04 North Toronto
+158%
$773,119
+35%

C06 Dublin Heights/Willowdale
+108%
$510,510
+/-0%

C08 Cabbagetown/Downtown
+123%
$384,226
+17%

C09 Rosedale
+215%
$1,096,266
-35%

C10 Davisville/ L. Park
+77%
$667,209
+22%

C11 Leaside/Old East York
+67%
$632,785
+43%

C12 Bayview/York Mills
+175%
$1,390,168
+36%

E01 Riverdale/Leslieville
+79%
$481,890
+9%

E02 The Beach/Leslieville
+48%
$574,949
+23%

E03 Danforth/East York
+98%
$390,381
+9%