Visual Toronto Housing Market Stats For October: Strange Market

Check out this interesting analysis for you to understand exactly how the real estate market is, not how people seem to put "spins" on it!

As you can see on our latest visualization of Toronto Real Estate Board Statistics, GTA market seems kind of strange. It seems that there are typical signs of market slow-down:

  • More houses are available
  • Houses take longer to sell
  • Sales have declined

However, when you look at the average price  - it is still going up! Sales down, average price up - is this a strange market? Well, there is an explanation.

toronto october housing stats juliekinnear
October housing stats in GTA

The explanation reveals itself when you look at the long term sales figures. See the October sales results since 2004:

2004 2005 2006 2007 2008 2009 2010
6,666 7,174 6,876 7,915 5,155 8,476 6,681

As you can notice, except the very strong October in 2009, this October results do not divert from the usual number of sales. Similarly, have a look at the year-to-date results for the first ten months since 2004

2004 2005 2006 2007 2008 2009 2010
73,202 73,514 72,639 81,563 68,570 74,721 75,582

Here the trend is even more obvious. This year, sales in GTA MLS area are even slightly higher than in 2009.

While in 2009 sales were catching up the recession loss, this year the situation was turned heels over head. Spring sales were boosted by the upcoming interest rate hike and HST introduction, and ate a large portion of autumn sales. However, the average number of sales remain the same and so does the average price growth. The usual real (inflation adjusted) average price growth for the last two decades is around 3%, thats near where are we today.

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