Toronto Real Estate Board

Toronto Real Estate Board

October 18, 2010 12:09 ET

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2010) - Greater Toronto REALTORS® reported 3,012 sales through the Multiple Listing Service® (MLS®) during the first two weeks of October 2010.

This represented a 17 per cent decrease compared to the 3,631 sales recorded during the same period in 2009. Year-to-date sales amounted to 71,988, representing a three per cent increase compared to 2009.

"The GTA resale market is balancing out from the record level of sales experienced in the second half of 2009 and first few months of 2010. This is why sales figures have been lower than 2009 levels in recent months. With this said, it should be noted that the annual rate of decline slowed somewhat through the first two weeks of October," said Toronto Real Estate Board President Bill Johnston.

The average price for October mid-month transactions was $444,644 – up seven per cent compared to the average of $414,479 recorded during the first 14 days of October 2009.

"We are seeing enough buyers relative to sellers to promote continued price growth year-over-year. People are buying because home ownership remains affordable in the GTA. A household earning the average income can comfortably afford a mortgage on the average priced resale home," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary Of October Sales And Average Price
 
    October 
   2010    2009  
  Sales Average Price Sales Average Price
City of Toronto ("416") 1,273 $500,807 1,489 $455,001
  Rest of GTA ("905") 1,739 $403,531 2,142 $386,311
    GTA 3,012 $444,644 3,631 $414,479
 
Source: Toronto Real Estate Board
 
Sales & Average Price By Home Type
 
  October-2010
  Sales Average Price
  416 905 Total 416 905 Total
             
Detached 458 977 1,435 734,089 485,161 564,721
  Yr./Yr. % Change -14% -20% -18% 16% 5% 10%
Semi-Detached 144 180 324 487,755 340,263 405,815
  Yr./Yr. % Change -14% -27% -22% 7% 6% 8%
Townhouse 127 330 457 390,658 307,434 330,562
  Yr./Yr. % Change -28% -8% -15% 1% 2% 1%
Condo Apartment 535 211 746 334,900 247,218 310,100
  Yr./Yr. % Change -9% -21% -13% 5% 5% 6%
 
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.

Contact Information