TORONTO, January 19, 2009 – Greater Toronto REALTORS® reported 888 sales during the first
half of January compared to 1,776 in the first 15 days of 2008. “According to Statistics Canada
the economic situation throughout Canada changed noticeably over the past year with job losses
in the fourth quarter of 2008. Toronto is not immune to this, the GTA housing market has been
impacted,” according to TREB President Maureen O’Neill.
The average GTA price mid-way through January is $332,495 from $367,574 during the same
period in 2008. The median GTA price was $301,000 compared to 316,000 last year. “While
sales have declined, listings have remained high. GTA home buyers have benefitted from more
choice,” explained Ms. O’Neill. “Historically, increased choice in the marketplace has equated to
a moderation in price growth.”
In January 2009, stronger declines in sales and prices were experienced in the City of Toronto.
“Sales for January a year ago may have been elevated by the flurry of transactions completed
before the city’s land transfer tax went into effect,” added Ms. O’Neill.
“The costs of home ownership in the 416 has increased due to the added land transfer tax many
home buyers now face in the City of Toronto. Some households considering the purchase of a
home in the City have either put their decision on hold or looked elsewhere in the GTA.”