In May 2009, Greater Toronto Realtors reported 9,589 sales, up almost 2% from May 2008 - the first annual increase since December 2007. "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."
See this link http://www.thompsonteam.ca/pdfMarketWatch/2009_05.pdf for full report.