Mid-January Toronto sales horrible!

[trent]

TREB has released their Mid-January GTA sales numbers and the picture is not pretty. GTA had 888 sales compared to 1776 during the first half of January 2008. This is exactly 50% down folks, are you scared yet? If you are not properly scared the following numbers will do the trick. The average price for the same period in GTA was $332,495 down from $367,574, which is 9.5% down.

But wait there is more; the Toronto (416) numbers are even scarier than GTA J. Toronto had only 369 sales in the same period down from 800 last year. This translates to 54% down for number of sales. The mid-January average price in Toronto dived to $350,835 from $394,205 in the first 15 days of January 2008. This is 11% price decline.

By this time you should be properly scared. If not then wait for “Spring market” all sellers are pinning their hopes on; when it doesn’t materialize there will be a widespread sellers’ panic and scramble to get to the exits first. Then the bottom of the Toronto’s real estate market will truly fall out.