GTA resale housing market down but still healthy

TORONTO, April 17, 2008 -- The Greater Toronto Area resale housing market saw 3,955 homes change hands in the first half of April, down five per cent from the same time period last year, Toronto Real Estate Board President Maureen O’Neill announced today.
“The first half of April brought sales activity within five per cent of mid-April 2007,” said Ms. O’Neill.
In the City of Toronto sales are down 11 per cent compared to a year ago, with 1,514 transactions taking place. In the 905 suburbs, sales are down just over one per cent to 2,441 for mid-month April 2008 from 2,477 sales midmonth April 2007.
Throughout the GTA prices have risen seven per cent compared to the same timeframe last year, to an average of $399,117. In the City of Toronto the average stands at $454,211 up 10 per cent over mid-April 2007. The 905 Region has seen a six per cent increase compared to a year ago, with a current average price of $364,939.
The number of listings on the market is one per cent greater than last year with current inventory sitting at 22,985.
This indicates that inventory is on the rise. The positive news is homeowners are selling their homes with an average of 28 Days on Market compared to 30 a year ago. The slight increase in inventory levels and house prices are encouraging factors.
A number of GTA neighbourhoods showed strong sales activity during the first half of this month.
Willowdale (C07) saw a 75 per cent overall increase in transactions, driven by strong, detached, condo-apartment, and condo-townhouse sales.
In Vaughan/Thornhill (N02), transactions increased by 53 per cent compared to mid-April 2007, as a result of strong detached home sales.
Strong detached home sales also drove Brampton East (W24) to 37 per cent compared to the same timeframe a year ago.
In Riverdale (E01) transactions are up 10 per cent, also as a result of strong detached home sales.
“We’re also seeing sellers achieve on average 99 per cent of their asking price, which is one per cent higher than a year ago,” said Ms. O’Neill. “April’s numbers point to a stable, healthy market for the Greater Toronto Area this spring. However TREB still remains wary of the Land Transfer Tax in Toronto.”