Building Magazine


GTA resale housing prices up, sales down, reports Toronto Real Estate Board

The first half of July saw moderate activity and strong prices for resale housing in the GTA. The average price for a home in the first half of July was $379,072, up a full per cent from $374,254 in 2007. As the average price rises, the number of houses sold consistently decreases. With 3,497 this year, 11 per cent less houses were sold compared to the 3,947 sold a year ago.

With the average home in the 416 area rising to $419,199, only 1,369 changed hands. By comparison, in 2007, the price for an average home was one per cent lower at $414,321. 17 per cent more houses were however purchased for a total of 1,641.

The trend continues into the 905 region. With an average price of $353,257, 2,128 homes were purchased in the first half of July. One-year prior the average price was two per cent lower for an average price of $345,741 with eight percent more houses sold, a total of 2,306.

Some areas managed to increase activity in the GTA in the first half of the month, including Bowmanville, Brampton and The Annex. Though the number of available properties in the GTA has increased 25 per cent, the number of days on the market has remained consistent at 32.

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