Not a Surprise!Finally sale figures are improving from the previous year. Resale housing is where it could really be felt. Combining great interest rate and the affordability of resale housing you get an increased sales (plus don't forget all the people that are not buying pre-construction). For more details please read the article below...

TORONTO, ONTARIO--(Marketwire - June 2, 2009) - In May 2009, Greater Toronto REALTORS^® reported 9,589 sales, up almost two per cent from May 2008 - the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,300(1).

"The resale housing market in the GTA has remained resilient in the face of challenging times globally," according to TREB President Maureen O'Neill. "Many home buyers have taken advantage of extremely low mortgage rates."

The average price for April transactions was $395,609 - down less than one per cent compared to the same month last year.

"The average resale home price has moved in line with last year's level because of tighter market conditions experienced this Spring," stated Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have increased strongly relative to new listings, bolstering home prices."

SUMMARY OF MAY SALES AND AVERAGE PRICE - 2009/2008

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                                               May 2009



                                  2009                       2008

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                             Sales   Average Price     Sales   Average Price

City of Toronto ("416")      3,777        $432,478     3,711        $434,271

Rest of GTA ("905")          5,812        $371,649     5,700        $374,629

GTA                          9,589        $395,609     9,411        $398,148

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Source: Toronto Real Estate Board



(1) Seasonally adjusting TREB MLS® data removes recurring seasonal trends

    observed each year. For example, MLS® sales are highest in late

    spring each year and lowest in the winter months. Removing the recurring

    seasonality, allows for the analysis of a meaningful trend reflecting

    actual changes in market conditions. By multiplying the monthly

    seasonally-adjusted figure by 12, creating an annual rate, we can

    compare how the current month relates to historical annual figures.