When you look at GTA housing prices and sales statistics, it's almost like there had never been a recession. As 2009 wound down, homebuyers were partying like it was late 2007, which illustrates the V-shaped path the market followed when the recession started to bite in the fall of 2008.
The recession is generally considered to have started in October 2008. For that month, the Toronto Real Estate Board (TREB) reported that GTA sales were down 35 per cent over the same period in 2007.
Toronto average home prices were down 13 per cent over the same period in October 2007, while 905 homes prices declined about eight per cent.
But if you look at the median house price for a detached GTA home, it only really collapsed in December 2008 (the median is the price point at which 50 per cent of homes either sold for above or below that figure. It's less prone to distortion than the average price):
- October 2008 - $377,000
- November 2008 - $379,000
- December 2008 - $300,200
- January 2009 - $365,000
- February 2009 - $370,000
The median price continued to rise throughout the year, ending at $445,000 in November, 2009 (the December figure will be available in early January). Bill Doskoch, ctvtoronto.ca [Read more →]
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Royal LePage Your Community Realty Brokerage
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