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Toronto Real Estate Board:
GTA Realtors report on mid-month real estate market.
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.
October 18, 2010 in Toronto Real Estate Update | Permalink
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Comments
Study says Canadian house prices overvalued by 23.9%
http://www.theglobeandmail.com/report-on-business/top-business-stories/study-says-canadian-house-prices-overvalued-by-239/article1771934/
The housing crash is going to get real bad. Sorry realtors and greater fools many of you are going to go bankrupt.
Posted by: pete | Oct 25, 2010 5:59:08 PM
Till interest rate is in a reasonable territory - it is difficult to say where we are going.
Posted by: CanadianMortgageAdvisor | Oct 21, 2010 12:47:42 AM
We also see a slow down in Edmonton housing market. Even though the prices have not come down as some anticipated, the number of sales is significantly lower.
Derek H.
Posted by: Edmonton Real Estate | Oct 19, 2010 6:04:38 PM
I think that we may continue to see many fluctuations in real estate prices over the next couple years because of concerns of a double dip recession. At times there will be an influx of selling and buying and other times the market will suddenly dry up. People are becoming more concerned about their job situation and are less inclined to sell or buy new homes.
Thanks for the post!
Posted by: Conrad | Oct 19, 2010 5:54:50 PM
Interesting story.
http://www.irishtimes.com/newspaper/property/2010/1014/1224281058402.html
Posted by: Behavioral Finance | Oct 19, 2010 4:14:08 PM
I would love to see the transaction detail. I would suspect the high end properties are skewing the average higher. Less properties sold hence the average price is higher due to higher priced properties having a greater impact on the average price as compared to previous months.
Posted by: Behavioral Finance | Oct 19, 2010 3:12:10 PM
