Greater Toronto REALTORS reported 3,079 existing hometransactions in the first two weeks of December compared to 1,487 in 2008. The strong
growth represents both increased home ownership demand and the fact that we are
comparing the recovery phase of the sales cycle this December with the contraction
phase experienced last winter
Year-to-date sales, at 84,888, were up 16 per cent compared to the same period last year
and have moved in line with the healthy levels experienced in the 2004 through 2006
period.
"We experienced a very strong and broad based recovery in the second half of 2009,"
said Toronto Real Estate Board President Tom Lebour. "The rebound in the housing
sector speaks to the confidence that households have in overall economic recovery.”
The average resale home price during the first two weeks of December rose 17 per cent to
$423,103. The year-to-date average was $395,411, up four per cent compared to the same
period in 2008.
“The double-digit price growth we have experienced since September will continue
through the first quarter of 2010. Average price growth will move to a sustainable pace in
the spring as listings increase," according to Jason Mercer, TREB's Senior Manager of
Market Analysis.