GTA REALTORS® Report 2,670 Resale Housing Transactions in January.

TORONTO, February 4, 2009

- According to TREB president Maureen O'Neill, there are opportunities at any point in the housing market cycle.

"Moderated housing prices combined with low interest rates could present excellent long-term

investment and homeownership opportunities in the GTA housing market," noted TREB President

Maureen O'Neill. "REALTORS® can help potential home buyers and investors identify value in

today's market."

Greater Toronto REALTORS® reported 2,670 sales in January compared to 5,075 in the first month

of 2008. "Demand for existing homes in the Greater Toronto Area moderated as the housing market followed

the broader economic slowdown in Canada," said Jason Mercer, the Toronto Real Estate Board's

Senior Manager of Market Analysis.

The average home price in the Greater Toronto Area was $343,632, compared to $374,449 last

January. The median price was $303,000 compared to $319,000 last year.

"Current selling prices are a reflection of more choice in the existing home marketplace," said

Mercer. "At the same time, low mortgage rates have helped keep ownership housing an affordable

option. Given that we are not facing an early-1990s-style affordability crisis, the rebound in the

housing market will likely be quick once economic recovery takes hold," added Mercer.


                                           Sales        Average Price      Sales        Average Price

City of Toronto ("416")           1,106        $364,416           2,128        $404,202

Rest of GTA ("905")               1,564         $328,935          2,947        $352,965

GTA                                     2,670         $343,632           5,075        $374,449

Source: Toronto Real Estate Board

Olivera Mavrak

Olivera Mavrak

CENTURY 21 Heritage Group Ltd., Brokerage*
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