Toronto Real Estate Board

Toronto Real Estate Board

December 03, 2010 11:10 ET

GTA REALTORS® Report Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2010) -

Editors Note: There is a video associated with this press release.

Greater Toronto REALTORS reported 6,510 existing home sales in November – down 13 per cent from 7,446 sales in November 2009. New listings were also down 13 per cent annually to 8,642.

On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100. This rate was substantially higher than the July low of 67,900.

"The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston.

"Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area," continued Johnston.

The average selling price for November transactions was $438,030 - up five per cent compared to November 2009.

"The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year," said Jason Mercer, TREB's Senior Manager of Market Analysis.

View market watch video at: www.youtube.com/TREBchannel.

Summary Of November Sales And Average Price              
   
          November                    
    2010           2009              
          Average           Average              
    Sales     Price     Sales     Price              
City of Toronto ("416")   2,794     $476,844     3,212     $450,079              
Rest of GTA ("905")   3,716     $408,846     4,234     $394,474              
GTA   6,510     $438,030     7,446     $418,460              
Source: Toronto Real Estate Board  
                                 
                                 
Sales & Average Price By Home Type  
   
          November-2010                    
    Sales           Average Price        
    416     905     Total     416     905     Total  
   
Detached   908     2,061     2,969     687,360     492,740     552,562  
Yr./Yr. % Change   -17 %   -13 %   -14 %   9 %   3 %   5 %
Semi-Detached   300     407     707     498,780     343,321     409,287  
Yr./Yr. % Change   -14 %   -13 %   -13 %   0 %   5 %   2 %
Townhouse   301     696     997     405,811     309,936     338,881  
Yr./Yr. % Change   -21 %   -4 %   -10 %   11 %   7 %   8 %
Condo Apartment   1,253     467     1,720     340,880     250,397     316,313  
Yr./Yr. % Change   -7 %   -19 %   -10 %   7 %   2 %   7 %
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 31,000 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.

To view the video associated with this press release, please visit the following link:

http://www.youtube.com/watch?v=OIf-vSnUG-A

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