Toronto housing prices in September were down compared to 2007, but still above the average of two years ago, say new figures from the Toronto Real Estate Board.
The current average price is $393,647. That figure was 420,182 in September 2007 and $371,682 in 2006. That means the September average is six per cent lower than it was a year ago, but six per cent above the 2006 average.
In the 905 region, the average price is 352,071, compared to $351,641 one year ago and $333,818 two years ago.
"Although the market is not as robust as it was a year ago, homeowners are continuing to see strong returns on their investment," Maureen O'Neill, the board's president, said in a news release issued Friday. "On average, sellers are achieving 97 per cent of their asking price."
The board described the GTA's sales pace as "measured."
"With 6,424 homes changing hands last month, activity in the GTA declined six per cent compared to the 6,866 sales that took place in September 2007 and declined three per cent compared to the 6,622 transactions that were recorded two years ago," the release said.
"In the city of Toronto, sales were less robust. The 2,546 transactions recorded last month declined 11 per cent from the 2,854 sales in September 2007 and declined five per cent from the 2,680 sales recorded in September 2006. Sales increased six per cent between September 2006 and September 2007."
The GTA resale market is down 14 per cent from a year ago, with Toronto down 16 per cent and 905 sales down 12 per cent.
Maureen said the board remains concerned about Toronto's land transfer tax.
Sales are talking slightly longer, to 36 days from 31 days a year ago.
Some pockets of above-average activity include eastern Scarborough, Streetsville and Newmarket, the board said.
