GTA REALTORS® Report Mid-Month Resale Housing Market Figures

TORONTO, October 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.