TORONTO, February 19, 2009 
 
- Greater Toronto REALTORS® reported 2,044 sales
through the first 14 days of February, compared
to 2,775 sales reported during the same period
in 2008.
 
"While sales have been lower, the housing sector
remains one of the pillars of the GTA economy,"
said TREB President Maureen O'Neill. "Each existing
home transaction generates, on average, more
than $33,000 in spin-off spending on renovations
and other housing-related items. This spin-off
spending translates into jobs."
 
"The City of Toronto needs to do its part to 
encourage homeownership by reducing the 
tax burden on existing and potential home
owners," said TREB President Maureen O'Neill.
"To this end, Greater Toronto REALTORS® 
are calling on the City to roll back the 
municipal land transfer tax. We presented
our views to the City's Budget Committee yesterday."
 
The average home price in the GTA was 
$364,748 compared to $385,735 in mid-
month February last year.
 
"It is interesting to note that while the 
average price was down, the annual
rate of price decline slowed compared 
to the previous four months," 
according to Jason Mercer, the Toronto
Real Estate Board's Senior Manager
of Market Analysis. "If this trend 
continues into the spring, it could point 
towards average home prices leveling 
off between $360,000 and $370,000."
 
Greater Toronto REALTORS® are 
passionate about their work. They adhere 
to a strict Code of Ethics and share a 
state-of-the-art Multiple Listing Service. 
Serving over 28,000 Members in the 
Greater Toronto Area, the Toronto Real 
Estate Board is Canada's largest real 
estate board. Greater Toronto Area
open house listings are now available 
on www.TorontoRealEstateBoard.com.