Things are definitely looking better for 2009 real estate market.
According to the Toronto Real Estate Board greater Toronto realtors® reported 4,561 transactions in the first half of May. The average price of homes in the GTA is also within one per cent of the May 2008 average of $398,148.
Markets around the world may be struggling but in the Greater Toronto Area, resale housing is holding firm.
Also the average number of days that a property remains on the market is diminishing. Currently for example, the average is 35 compared to last May's 31 days. As well, sellers are getting 97 per cent of the asking price compared to 98 per cent a year ago.
Inventory is approximately 15% less compared to last year which is good news for sellers when the number of homes available for sale has tightened up. Nearly 23,000 properties are listed for sale on the TorontoMLS system, compared to more than 27,000 properties that were available in May 2008.
Historically low interest rates also continue to benefit the market with respect to affordability.
From a broader perspective, the news is also encouraging. For example, in its most recently released March Interim report, the Organization for Economic Co-operation and Development restated the projection it asserted in November 2008, that Canada will lead the G7 nations in economic recovery in 2010.