GTA Market Calming Down

Results for December 2009 once more revealed more than doubled number of sales compared to the year before, but also showed calmer mood of the year-end's market.

According to results, published by TREB, there were 5,541 sales made during the last month of 2009, 105% more than in December 2008, when only 2,577 sales were recorded by Toronto realtors. However, there were 1,900 properties less sold in December when compared to November 2009, when 7,446 sales took place. This shows that discussions about uncontrolled boom on the GTA market are for now premature.

People were not only less willing to buy, but also less willing to sell their properties during Christmas time – only 5,506 new listings arrived onto MLS, around half of the November's amount. It is also one of the reasons, why the number of overall stock shrunk to the edge of 10,000 (10,292 to be exact). For the first time in several months, Days on Market indicator grew higher – from 26 to 27 days (it was 45 days in December 2008).

Average price for December was $411,931, four thousand less than the month before ($418,460). Median price reached $353,800.

As noted by Jason Mercer, TREB’s Senior Manager of Market Analysis: “As we move into the spring, growth rates will move to more sustainable levels.”

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