Toronto Real Estate Market Declines 8%
By Brian Madigan LL.B.
I thought that you might be interested in what has been happening with the Toronto market this year.
The market closed out the year at $411,931. The statistics below show what happened in 2010, both the end of the month numbers and the mid month numbers. This will provide a little better actual tracking than just the end of the month numbers.
These are the average prices of single family homes recorded in the Greater Toronto Area for 2010:
2010
1 January…… $411,931
15 January….. $395,307
30 January….. $409,058
15 February….. $429,997
30 February….. $431,509
15 March…….. $440,153
30 March…….. $434,696
15 April…….. $430,271
30 April…….. $437,600
15 May………. $448,641
30 May……….$446,593
15 June……… $437,039
30 June……… $435,034
31 July………..$420,482
15 August…….$412,934
Let’s have a look at the market. It rose from January and peaked at $448,641 in May. Then, it tipped over and lost some of those gains. It now stands at $412,934 or a $35,707 decline since May. That’s a 7.96% decrease.
However, let’s look at the good side. The market started the year at $411,931, and it now sits at $412,934. That’s a $1,003 increase so far this year. Actually, a miniscule percentage gain! So, to a certain extent, you could say that values are holding steady.
Looking at the facts, there are two possible headlines:
Real estate market drops 8%, or
Real estate market holds firm.
Which one do you like? You know, of course, which ones you have read in the media.
Brian Madigan LL.B., Broker is an author and commentator on real estate matters, if you are interested in residential or commercial properties in Mississauga, Toronto or the GTA, you may contact him through Royal LePage Innovators Realty, Brokerage 905-796-8888
www.OntarioRealEstateSource.com
We are not the FHA, VA, USDA, HUD or any other government organization. The content on this blog is intended for information purposes only. 
Thank you for keeping us updated.
Everyone is screaming about housing bubble and housing crisis; then with the next breath the say that GM had its best year ever and the largest sellers are large pick up trucks?
Genworth financial then reports 48% of home owners pay off their credit card debt monthly.
All are very confusing when reconciled with the Americans screaming (from the media over the fence) that “Our day of reconning will come.” Maybe they are all evangelists and can see.
Thank you Brian.
David Pylyp
Living in Toronto
David,
Thanks for your note. Something even more optimistic are the latest weekly numbers. The average price went up to $416,434.
So, I’ll be watching both the month end, and mid September figures, expecting some improvement.
Brian