High Increase In Sales by Phil Brown
Strong demand compared to the dismal results from the end of 2008 generates record high increase in sales. GTA Realtors sold 3,079 units during the first two weeks of December 2009. This figure is more than 100% higher compared to the first 15 days of December 2008.
Year-to-date sales reached 84,888 units, 16% more than in 2008. This figure is similar to the sound levels from the period of 2004-2006.
As Tom Lebour, the president of TREB, said:"We experienced a very strong and broad based recovery in the second half of 2009.The rebound in the housing sector speaks to the confidence that households have in overall economic recovery.”
The average resale price reached $423,103, around 17% up compared to the previous year. Year-to-date average price in GTA was $395,411, gaining 4%.
TREB's Senior Manager of Market Analysis Jason Mercer believes the double-digit price growth will last only one quarter more, then the fresh inflow of properties onto MLS will push the market into calmer waters.