Home sales in the Greater Toronto Area had shown a significant rebound in year-over-year sales data since bottoming at a -34% reading in July. Home sales had improved on a year-over-year basis through to November, where sales came in a modest 13% below 2009 levels.
However, the strengthening trend may well be in for a reversal if mid-month data is any indication. TREB reported today that mid-month sales came in 19% below year-ago levels across the GTA.
Prices across the GTA registered a 3% year-over-year increase, down from the 5% year-over-year jump in November.
However, both sales and price data for the GTA as a whole belie a strong weakening trend in the city of Toronto. Home sales in Toronto were down 24% from year ago levels while home prices were up only 2% year over year, much less than the near 6% year-over-year rise in November.
This may portend bad news for the broader Canadian market as the GTA has been the hottest market since sales levels bottomed in July and represents a large portion of the total Canadian sales volume. The final December sales numbers should be very, very interesting.