Jason Mercer, TREB’s senior manager of market analysis said that, “The number of existing home sales in the fourth quarter will be well ahead of the volumes experienced during the last three months of 2008. I am confident that the number of transactions will push through the 80,000 mark and perhaps be hovering around 85,000 when all is said and done this year. That will put us in line with the level of sales experienced in the 2004 to 2006 period – some of the best years on record under the current TREB boundaries.”
He also indicated that he expected the average selling price to be above last year’s too and that the average price for 2009 will be hovering around $390,000 – up by approximately 2.5% compared to 2008.
In September, low-rise home sales (including single-detached, semi-detached and townhouses) grew by 25% and high-rise condominium sales were up 34% over last year. Consumers seem to be confident in housing ownership as a solid long-term investment.