Regional News
November 19, 2008 03:00 PM
November is looking like a cold month for housing sales with mid-month numbers hovering at around half of where they were last year, according to the latest statistics from the Toronto Real Estate Board.
A little less than 2,000 GTA homes have sold so far, compared to more than 3,500 during the same period in 2007.
Home sales in the 416 area dropped from 1,643 to 830 while the 905 was slightly stronger, with 1,161 homes changing hands, compared to 1,901 last year.
The average house price in the 905 remained relatively stable, nudging up from $358,130 to $358,610, Toronto’s average dropped more than $30,000, to a little more than $400,000.
Board president Maureen O’Neill cautioned that Toronto’s numbers are skewed by a housing rush that happened prior to the implementation of a new land transfer tax earlier this year.
From the point of view of the board, housing remains one of the best places to put your money.
“As an investment, a home not only offers shelter and an environment in which life’s most important moments are shared, but also offers financial appreciation in the long term,” Ms O’Neill said.
There are 36 per cent more homes on the market than there were this time last year and it is taking average of 41 days for homes to sell.