Low inventory levels kept sales brisk
but well off record levels, TREB
President Maureen O’Neill announced
today. “With 6,631 transactions recorded
during March, the overall Greater Toronto
Area resale market was down 22 per cent
from the 8,518 sales of March 2007.
Since inventory, at 20,533 listings, fell six
per cent between these two time periods,
a portion of this result can be attributed to
a lack of suitable product. And this lack of
product was at least partially caused by
the severe winter weather that kept both
buyers and sellers on the fence during the
first half of the month.”
Sales were not evenly distributed
across the Greater Toronto Area. In the
City of Toronto (416 area code), they
decreased 27 per cent to 2,527 from last
March. However, the 905 suburbs saw
only an 18 per cent decline, to 4,104
sales. Overall, average prices rose four
per cent in the GTA to $380,338 over
March of 2007. Within the City of Toronto
proper, however, the average, at
$404,361, increased only two per cent
over the $394,199 recorded during the
same period last year. Furthermore, City
of Toronto districts bordering the 905
averaged $347,882, up less than one per
cent from the same period last year.
Breaking down the total, 2,545 sales
were reported in TREB’s 28 West districts
and averaged $360,524; 1,114 sales
were reported in the 14 Central districts
and averaged $481,115; 1,390 sales
were reported in the 23 North districts
and averaged $424,742; and 1,582 sales
were reported in TREB’s 21 East districts
and averaged $302,235.

NEIGHBOURHOOD CORNER

The Beaches and Riverdale
In the first quarter of 2008, TREB
Members sold 153 houses in The
Beaches (E-2) for an average of
$542,362, up 17% over the three
month average in 2007 of $461,311.
Riverdale (E-1) saw 173 sales
averaging $438,453, up 13% over
the $389,001 recorded during the
same span last year.

article information from TREB

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