Sales Volume Statistics
2008 Monthly Sales versus 2007
The Toronto Real Estate Board reported 5,155 sales of single family homes in October 2008. While this represents a 20 percent decline from the sales volume for September 2008, it also represents a 35 percent decline in sales volume from October 2007. October sales volume was the slowest since the year 2000.
Annual Sales Volume 1980-2007
This chart graphically depicts the number of single family homes sold
in the years 1980 through to 2007. The volume of sales in the Toronto area experienced peaks in 1986 and 1988 followed by slow years during the early 1990's. Sales volume picked up from 1996 onwards. Sales of resale homes in 2007 were the highest recorded.
[Note: the Toronto Real Estate
Board's geographic boundaries were changed during the period depicted in
the graph, so direct comparisons between 1996 and 1986 for example, are not valid]
Sales Year-To-Date
This chart depicts the number of resale homes sold to the end of October for each of the years 1991 through to 2008. Sales volumes in 2008 have been consistently lower than 2007 for every month this year. The dramatic decline in sales volume in October has resulted in year to date sales in 2008 being 16 percent lower than 2007, and the lowest since 2003.
Average Selling Prices
Average Selling Price 1980-2007
This chart presents average price trends for houses in the Toronto area
during the last 27 years. House prices clearly peaked in 1989 and then dropped until 1996. House prices have been steadily increasing during the last few years although not at the dramatic rates seen during the late 1980s. The average price reported for 2007 was 38 percent higher than the previous peak in 1989. See the chart below for 2008 month by month average prices.
Average Monthly Selling Price 2008 vs 2007
The average selling price of homes that sold during October 2008 was $352,974 - a 4 percent decline from the $368,549 reported for September, and an 11 percent decline from the $394,646 reported for October 2007. Average selling price reported on a monthly basis can be misleading as it is comprised of a combination of the real value of property plus the mix of higher priced to lower priced homes that have sold during the month. The mix of homes sold during October is depicted below in the Sales by Price Breakdown chart.
The average selling price year-to-date for 2008 is $380,654 - approximately 1 percent higher than the average selling price for 2007 of $376,236.
Inventory
This chart depicts the number of active listings (properties for sale)
on the Toronto Real Estate Board. The number of properties actively listed for sale during October was 27,277 - a 0.04 percent decline from the number of properties listed for sale in September and perhaps of more significance a 32 percent increase over the number of properties listed for sale in October 2007. The number of properties coming onto the market in October 2008 was 9 percent higher than in October 2007!
Home Sales by Type/Price
Home Sales by Type of Property:
This chart breaks down single family residential sales during October 2008 into the various different categories of property such as single family detached, semi-detached, townhouse etc. As always, single family detached
homes make up the bulk of all sales with condominium apartments coming
in second.
Home Sales by Price Range
This chart breaks down sales of single family homes during October 2008
into price ranges so that the most popular (highest selling) price ranges can be quickly determined. Homes in the $300,000 - $400,000 price range clearly outpace all other price ranges. The mix between sales of higher priced homes versus lower priced homes directly affects the average selling price reported for the month.
