Greater Toronto Realtors reported 2,670 sales in January compared to 5,075 in the first month of 2008. Demand for existing homes in the Greater Toronto Area moderated as the housing market followed the broader economic slowdown in Canada. The GTA housing market has not been immune to the economic slowdown in Canada. Some potential home buyers were less-certain about their positioning in the economy over the past year. Until the economy rebounds, and along with it consumer confidence, the number of existing home sales will be more moderate in comparison to the average over the last ten years.
The average home price in the Greater Toronto Area was $343,632, compared to $374,449 last January. The median price was $303,000 compared to $319,000 last year. The average price was $364,415 in the City of Toronto, from $404,202 in 2008. In the surrounding regions ("905" area code), the average price was $328,935 from $352,965 last year. Buyers have experienced more choice in the existing home marketplace. Lower selling prices have resulted. At the same time, low mortgage rates have helped keep ownership housing an affordable option. Given that we are not facing an early-1990s-style affordability crisis, the rebound in the housing market will likely be quick once economic recovery takes hold.
There are opportunities at every point in the housing market cycle. Moderated housing prices combined with low interest rates could present excellent long-term investment and homeownership opportunities in the GTA housing market. Realtors can help potential home buyers and investors identify value in today's market.
For information on how to make the right choices in today's real estate market contact Haim Hartman at 416-739-7200 or by email at firstname.lastname@example.org