Toronto real estate market balacing out
Greater Toronto REALTORS® Report Monthly Resale Housing Market Figures
Greater Toronto REALTORS® reported 6,310 sales through the Multiple Listing Service® (MLS®) in September 2010. This represented a 23% decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year, sales amounted to 69,069 – up 4% compared to the first three quarters of 2009.
“The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA,” said Toronto Real Estate Board President Bill Johnston.
The average price for September transactions was $427,329 – up 5% compared to the average of $406,877 reported in September 2009. The average selling price through the first nine months of the year was $429,657. “Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to incomes does not allow for an accurate analysis of affordability,” continued Mercer. “The share of average household income going toward a mortgage payment on the averag priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow.”
Summary Of September Sales And Average Price
City of Toronto (sales –25.2% | price +6.6%)
2010 Sales: 2,499 | Average Price: $465,890
2009 Sales: 3,341 | Average Price: $437,182
Rest of GTA (sales –21.5% | price +4.2%)
2010 Sales: 3,811 | Average Price: $402,044
2009 Sales: 4,855 | Average Price: $386,022
All GTA (sales –23.0% | price +5.0%)
2010 Sales: 6,310 | Average Price: $427,329
2009 Sales: 8,196 | Average Price: $406,877
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