The media surrounding the real estate market has been in denial for several months, if not over a year. Despite a lot of negative statistics, building associations, the real estate board and agents on TV have repeatedly been saying that the market is fine, and healthy and still worth it for people to be buying and selling homes.
However, if you cut through the rose-colored glasses, you’ll see that sales in Toronto, the GTA, and ALL the cities surrounding us are down for the year by 20-67%. the Building Industry and Land Development Association released these numbers Friday:
| August | Low Rise | High Rise | Total | ||||||
| Region | 2007 | 2008 | % Change | 2007 | 2008 | % Change | 2007 | 2008 | %Change |
| Durham | 234 | 158 | -32.5% | 44 | 7 | -84.1% | 278 | 165 | -40.6% |
| Halton | 284 | 131 | -53.9% | 21 | 26 | 23.8% | 305 | 157 | -48.5% |
| Peel | 433 | 142 | -67.2% | 125 | 100 | -20.0% | 558 | 242 | -56.6% |
| Toronto | 77 | 61 | -20.8% | 1,119 | 840 | -24.9% | 1,196 | 901 | -24.7% |
| York | 483 | 217 | -55.1% | 119 | 94 | -21.0% | 602 | 311 | -48.3% |
| GTA | 1,511 | 709 | -53.1% | 1,428 | 1,067 | -25.3% | 2,939 | 1,776 | -39.6% |
| Jan to Aug | 15,648 | 10,315 | -34.1% | 15,252 | 11,728 | -23.1% | 30,900 | 22,043 | -28.7% |
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Good analysis: these are sales counts? Be sure to look at prices too as they haven’t fallen as greatly as the # of sales.
Supply is still increasing and demand is shrinking. See Sept #’s.