TORONTO, February 4, 2009 According to TREB president Maureen O'Neill, there are
opportunities at any point in the housing market cycle.
Moderated housing prices combined with low interest rates could present excellent long-term
investment and home ownership opportunities in the GTA housing market, noted TREB President
Demand for existing homes in the Greater Toronto Area moderated as the housing market followed
the broader economic slowdown in Canada, said Jason Mercer, the Toronto Real Estate Boards
Senior Manager of Market Analysis.
The average home price in the Greater Toronto Area was $343,632, compared to $374,449 last
January. The median price was $303,000 compared to $319,000 last year.
Current selling prices are a reflection of more choice in the existing home marketplace, said
Mercer. At the same time, low mortgage rates have helped keep ownership housing an affordable
option. Given that we are not facing an early-1990s-style affordability crisis, the rebound in the
housing market will likely be quick once economic recovery takes hold, added Mercer.