Wednesday, June 3, 2009

More Bad News from Toronto Real Estate Board

GTA May Resale Housing Sales Higher Than Last Year

TORONTO, June 3, 2009 - In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,301.

“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”

The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.

“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”

With the number of listings reducing in the past few months and the interest rates remaining at historically low levels (almost 2.0%) people are realising the value in their decisions to buy.  Next years market may indeed be very different with the introduction of the Harmonized Sales Tax. (HST)

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