Toronto Real Estate Board

Toronto Real Estate Board

October 05, 2010 10:52 ET

GTA REALTORS® Report Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwire - Oct. 5, 2010) - Greater Toronto REALTORS® reported 6,310 sales through the Multiple Listing Service® (MLS®) in September 2010.

This represented a 23 per cent 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 four per cent 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 five per cent 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 average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow."

 
Sales & Average Price By Home Type
 
   September-2010  
  Sales Average Price
  416 905 Total 416 905 Total
 
Detached 848 2,158 3,006 665,287 481,246 533,372
Yr./Yr. % Change -24% -21% -22% 9% 5% 6%
Semi-Detached 282 431 713 482,015 335,741 393,594
Yr./Yr. % Change -30% -17% -23% 3% 3% 2%
Townhouse 261 656 917 381,099 303,085 325,290
Yr./Yr. % Change -28% -27% -27% 6% 3% 3%
Condo Apartment 1,089 462 1,551 329,330 244,115 303,947
Yr./Yr. % Change -23% -20% -23% 4% 0% 3%
 
Source: Toronto Real Estate Board
 
 
Summary Of September Sales And Average Price
 
  September
  2010 2009
  Sales Average Price Sales Average Price
City of Toronto ("416") 2,499 $465,890 3,341 $437,182
Rest of GTA ("905") 3,811 $402,044 4,855 $386,022
GTA 6,310 $427,329 8,196 $406,877
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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