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GTA REALTORS Report Mid-Month Resale Housing Market Figures

Toronto, October 18, 2010—GTA REALTORS reported 3,012 sales through the MLS during the first 2 weeks of October 2010.
This represented a 17 percent decrease compared to the 3,631 sales recorded during the same period in 2009. Year-To-Date sales amounted to 71,988, representing a 3 percent increase compared to 2009.
“The GTA resale market is balancing out from a 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 percent 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.

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