The average GTA price in November 2008 was $368,582. During the same period last year, the Toronto MLS system
recorded an average of $393,747, and in November of 2006 overall GTA prices averaged $355,727.
For November 2008 recorded sales were 3,640 down from 7,313 sales recorded during the same period last year.
Almost a 50% increase in active listings and 28% increase with Days on the Market. We are definitely in a buyers market now. But for Sellers, there is nothing to fear, because with my promotional plans your house will definitely perform above these averages. Even though values have dropped, the average prices have stabilized and still remain above 2006 numbers.
When looking at these figures you have to take note that the City of Toronto imposed a Land Transfer Tax (LTT) on Feb. 1st 2008. How does the Toronto LTT affect the numbers? The tax was approximately 1.1 percent. Therefore in 2007 everyone that was buying or selling wanted to do it before the tax took into effect, which in turn boosted sales numbers. In 2008 the LTT has had a detrimental negative effects on the real estate sector. There was a research done by an Economics Professor at the U of T on this topic. I’ll locate this article and do a future posting on this unfair tax and what we can do about it
Are you thinking of Buying or Selling a home and would like to discuss your options?
Contact Me, Just Click Here or call me directly at (416) 305-8008.