Moderate March Real Estate sales in Vaughan
Low inventory levels kept sales brisk but well off record levels, TREB President Maureen O’Neill announced today. “With 6,631 transactions recorded during March, the overall Greater Toronto Area resale market was down 22 per cent from the 8,518 sales of March 2007.
Sales were not evenly distributed across the Greater Toronto Area. In the City of Toronto (416 area code), they decreased 27 per cent to 2,527 from last March. However, the 905 suburbs saw only an 18 per cent decline, to 4,104 sales.
In Vaughan, the resale real estate market (District N08), was down 14 per cent to 196 transactions in March 2008, compared to 169 in March 2007.
Of note, average real estate prices in Vaughan rose marginally at just under 1% when comparing March 2008 to March 2007 for Detached home sales. For Semi-detached resale homes, the increase was much more pronounced at 8%.
Since overall inventory, at 20,533 listings, fell six per cent between these two time periods, a portion of this result can be attributed to a lack of suitable product. And this lack of product was at least partially caused by the severe winter weather that kept both buyers and sellers on the fence during the first half of the month.”
Overall, average prices rose four per cent in the GTA to $380,338 over March of 2007. Within the City of Toronto proper, however, the average, at $404,361, increased only two per cent over the $394,199 recorded during the same period last year. Furthermore, City of Toronto districts bordering the 905 averaged $347,882, up less than one per cent from the same period last year.
Source: Toronto Real Estate Board
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As we can see Toronto real estate market shows decline in overall house selling. Statistics brought negative numbers in sold houses. Data from all Toronto districts indicate that this year will be hard in house selling. Economy condition plays the key role in real estate industry. In future I suppose that it will be complicated to sell a house in Canada.