Toronto Real Estate Board Mid December Update: Greater Toronto Home Resales at 1,500 in Mid December

TORONTO, December 17, 2008 — Greater Toronto REALTORS® reported 1,487 resale transactions during
the first half of December, from 2,868 sales recorded in the same period a year ago, Toronto Real Estate
Board President Maureen O’Neill announced today.

The average price of a home in the Greater Toronto Area is currently $360,652. This compares to an
average of $404,707 recorded during the first half of December 2007 and to an average of $343,048 recorded
during the same period in 2006.

“Keeping today’s market statistics in perspective, MLS® statistics confirm that over the last 10 years the
price of homes has increased in value. What this means for the consumer is that real estate continues to
hold its value and is a solid choice for long-term investments,” said Ms. O’Neill.

In the 416 area, 619 transactions were recorded during the first half of this month, from 1,402 sales that
took place during the same timeframe a year ago.

The average price in the 416 area is currently $382,759, from an average of $450,731 a year ago, and
$367,650 recorded in the first half of December 2006.

In the 905 region 868 homes changed hands in the first two weeks of this month, from 1,466 transactions
that took place in the first half of December 2007.

The 905 region’s current average price is $344,887 from an average of $360,691 recorded during the same
timeframe a year ago and $325,477 recorded at mid-December 2006.

“The recent C.D. Howe land transfer tax study confirms REALTORS’® concerns that the second LTT
imposed on homebuyers in the City of Toronto has indeed contributed to the economic conditions in the
GTA,” added Ms. O’Neill.

There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago. The average number
of days a home now remains on the market is 43, as compared to 33 days a year ago. Sellers are achieving
96 per cent of their listing price, as compared to 98 per cent a year ago.

“Location, price and your own personal financial and family situation all play an important role when
considering a purchase,” said Ms. O’Neill. “REALTORS® can provide you with information about
neighbourhoods, school districts and realistic pricing because of their vast knowledge of the local

This mid month release does not provide a year in review analysis. A summary of activity for all of 2008
including the month of December will be provided in the January 2009 Market Watch Report.

Source: TREB (Toronto Real Estate Board)

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