Toronto Real Estate Board

Toronto Real Estate Board

September 16, 2010 11:15 ET

GTA REALTORS® Report Mid-Month Resale Housing Figures

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2010) - Greater Toronto REALTORS® reported 2,623 sales through the Multiple Listing Service® (MLS®) during the first two weeks of September 2010. This represented a 22 per cent decrease compared to the 3,361 sales recorded during the same period in 2009. Year-to-date sales amounted to 65,455, representing a six per cent increase compared to 2009.

"Sales remain below the record pace we experienced in the second half of 2009. The prospect of higher interest rates and new mortgage lending guidelines resulted in higher than normal sales in the first few months of the year. To balance this out, the pace of sales has slowed in the second half," said Toronto Real Estate Board President Bill Johnston.

"It is important to note that year-to-date sales remain above the number reported through the same period last year," added Johnston.

The average price for September mid-month transactions was $412,367 – up five per cent compared to the average of $393,818 recorded during the first 14 days of September 2009.

"Under current lending standards, the average selling price is affordable for a household earning the average income in the GTA. The annual price growth we have been experiencing has been justified by this positive affordability picture," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary Of September Sales And Average Price
 
 
          September      
          2010         2009  
        Sales Average Price   Sales   Average Price  
  City of Toronto ("416") 978 $435,643    1,280   $415,126  
  Rest of GTA ("905") 1,645 $398,529    2,081   $380,712  
  GTA     2,623 $412,367    3,361   $393,818  
 
  Source: Toronto Real Estate Board              
 
Sales & Average Price By Home Type
 
 
    September-2010      
      Sales       Average Price  
    416 905 Total 416   905 Total
 
Detached 312 919 1,231 621,706   476,329 513,326
  Yr./Yr. % Change -22% -22% -22% 8%   6% 7%
Semi-Detached 102 195 297 460,878   339,515 381,195
  Yr./Yr. % Change -29% -14% -20% 0%   3% 0%
Townhouse 99 287 386 402,683   298,204 325,000
  Yr./Yr. % Change -35% -28% -30% 14%   1% 5%
Condo Apartment 457 203 660 311,897   247,145 291,981
  Yr./Yr. % Change -20% -11% -17% 0%   2% 0%
 
Source: Toronto Real Estate Board                 

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 30,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

For information about Buyer Representation Agreements (BRA) visit www.BRAFirst.ca.

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