Last week we released our Q1 2008 Move Smartly Housing Report which offers a detailed summary of real estate sales by neighbourhood. Readers can subscribe to the report at www.realosophy.com
The average sale price for a home in Toronto for the first quarter of 2008 was $410,862, a 3.3% increase over the same period last year. The median price increased by 6.1% to $330,000. The big news in 2008 has been the significant drop in the number of homes sold. Sales have declined by 20.9% over the same period last year.
Sales volumes showed very little growth between 2004-2006. Sales increased suddenly by 13.5% in 2007 with much of the increase being attributed to the 40 year mortgage.
