[cdr108]

http://www.torontorealestateboard.com/consumer_info/market_news/index.htm#market


TORONTO - Friday, January 9, 2009 -- TREB Members reported 2,577 sales in
December 2008, compared to the 4,646 recorded during the same month in 2007, and the 4,447 recorded in December 2006, TREB President Maureen O’Neill announced today.
“Sales for the whole of 2008 were 74,552, compared to the 93,193 recorded in 2007, and the 83,084 recorded during 2006.â€

The average price in December of 2008 came in at $361,415, compared to $394,931 last year, and $336,217 in December of 2006. For 2008 as a whole, prices averaged $379,347, compared to the $376,236 recorded in 2007, and the $351,941 average recorded in 2006.

The City of Toronto (416) recorded 1,105 sales in December, compared to 2,302 in December 2007 and 1,827 in December of 2006. For all of 2008, there were 29,878 sales, compared to 39,052 in 2007 and 34,404 in 2006.

The average price in the city was $387,482 compared to the $425,842 recorded in December of 2007 and the $350,139 recorded in December 2006. For all of 2008 the average was $410,271. In 2007 the comparable figure was $412,480, and in 2006 $378,776.

The 905 area saw 1,472 sales in December, from 2,344 in December of 2007 and 2,620 in December of 2006. For all of 2008, there were 44,674 sales in this region, versus 54,141 in 2007 and 48,680 in 2006.

The average price in the 905 was $341,847 in December, compared to $360,307 in 2007 and $326,509 in 2006. For all of 2008, the average was $358,665, as compared to $350,092 in 2007 and $332,976 in 2006.

Breaking down the total, 993 sales were reported in TREB’s 28 West districts and averaged $338,855; 473 sales were reported in the 14 Central districts and averaged $479,095; 491 sales were reported in the 23 North districts and averaged $381,975; and 620 sales were reported in TREB’s 21 East districts and averaged $291,488.

Median Price

The median price for December was $305,000, compared to $320,950 in 2007 and $290,000 in 2006. For all of 2008, the Median was $325,000, as opposed to 320,950 in 2007 and $299,000 in 2006.

 

[cdr108]

Quick summary:

December 2008 vs. December 2007
= sales down 44.5%;
= average home price down 8.5%;

For City of Toronto (416)
= sales down 52.0%;
= average home price down 9.0%



December 2008 vs. December 2006
= sales down 42.1%;
= average home price up 7.5%;

For City of Toronto (416)
= sales down 39.5%;
= average home price up 10.6%

 

[MBS-Guru]

Not suprised that Maureen didn't provide the percentages anymore ....

Pretty much bang on with what we predicted as well. (Sales down ~45%).

On a sadder note, January is shaping up to be the worst month in a long long time. Est. projections shows it will be down 50% for Jan and 60% for Feb based on early data that we have. I don't see how prices can drop slighty in 2009 b/c from what we can see it will be a thunderous crash come April/May.

 

[Ken]

Well, lets hope that housing prices stabilize by the end of this year, cuz I am going to buy a deteched home by then.

Kind of a desperate buy for me cuz my babies are going to turn 1.5 years by end of this year. I was able to hold off my wife by showing her charts, news and some of the posts here.

Wish me luck.

 

[alafleur]

Downtown Condo Stats

I just posted my analysis of the downtown condo market based on TREB's numbers for December.

Check it out on my site if you're interested.

Quick summary:

Compared to December 2007:

• In C01 (downtown west), condo sales are down 49%, average prices are down 10%, and inventory is up 76%. The number of sales as a percentage of active listings was 14% versus 48% last year.
• In C08 (downtown east), condo sales are down 45%, average prices are down 10%, and inventory is up a staggering 180%. The number of sales as a percentage of active listings was 20% versus 101% last year (not a typo-Q4 2007 was absolutely crazy!).

 

[cdr108]

Well, lets hope that housing prices stabilize by the end of this year, cuz I am going to buy a deteched home by then.

Kind of a desperate buy for me cuz my babies are going to turn 1.5 years by end of this year. I was able to hold off my wife by showing her charts, news and some of the posts here.

Wish me luck.

Ken, what's your living arrangement now?

If you're currently an owner and moving to a larger place, then I don't think it would matter much if markets stabilize by year-end or not because you have to sell your place to buy another.

However, if you are renting or living with relatives, etc ... I would strongly consider re-evaluating the 'need' to move if you don't have to just yet.
1.5 year olds don't take up much room although they can be noisy.

Good luck with your decision either way.

 

[cdr108]

I just posted my analysis of the downtown condo market based on TREB's numbers for December.

Check it out on my site if you're interested.

Quick summary:

Compared to December 2007:

• In C01 (downtown west), condo sales are down 49%, average prices are down 10%, and inventory is up 76%. The number of sales as a percentage of active listings was 14% versus 48% last year.
• In C08 (downtown east), condo sales are down 45%, average prices are down 10%, and inventory is up a staggering 180%. The number of sales as a percentage of active listings was 20% versus 101% last year (not a typo-Q4 2007 was absolutely crazy!).

HI Andrew,

Thanks for the information.

Although the inventory in C08 for December 2008 is up 180% vs December 2007, I think it needs to be put into perspective from the # of listings.

In C08 in December 2007, there were 91 active listings, while in December 2008, there were 254.

During the same periods in C01, there were 378 (December 2007) vs. 667 (December 2008).

In perspective, C08 has considerably less inventory than C01.

C01-DEC-Condo Active Sales $Avg Price $Med Price Avg DOM Avg %List Sales:Active
2005 496 131 $311,917 $247,000 97 26%
2006 431 136 $288,153 $253,500 98 32%
2007 378 180 $369,687 $300,200 100 48%
2008 667 91


C08-DEC-Condo Active Sales $Avg Price $Med Price Avg DOM Avg %List Sales:Active

2005 142 84 $269,382 $250,500 98 59%
2006 105 65 $294,146 $267,000 98 62%
2007 91 92 $322,082 $299,950 101 101%
2008 254

 

[Ken]

Yup. I am an owner of a smaller place. The smaller place should be ok, as I think I can sell it at slight higher price than when I bought it. If I were lucky, I might be able to recover the property tax cost from it.

 

[jetsme]

Prices too high in Toronto

With sales volume so low, prices in the GTA was still way too high. See some charts for other metrics here: http://thenumberstheydontpublish.blogspot.com