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Toronto home resales down 13%
GTA Realtors report on November market results
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.
See Toronto Real Estate Market Watch »
December 3, 2010 in Toronto Real Estate Update | Permalink
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Comments
Really outstanding post and very helpful. I appreciate your article and specially ideas or suggestion that you provided are excellent. These are very helpful for organize your home and housing may draw some demand if recent economic strength gains momentum. The combination of economic recovery and relatively low interest rates has helped boost pending sales of previously-owned homes more than expected in November, Extremely thanks for post this informative article.
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Posted by: Amrapali Heartbeat City | Feb 10, 2011 7:09:25 AM
The analysis that you have made based on the net income is worth to be appreciated. 3 cheers to your post! Got a brief idea regarding the market value related to income, which I was searching for. Thanks a lot!
Posted by: New York Properties for Sale | Jan 11, 2011 5:41:52 AM
That is absolutely adorable! You did a great job on that.This is looking really bad for the RE market.This market really does seem able to defy all logic.
Posted by: electric guitars | Jan 9, 2011 11:17:22 PM
"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.
Um what planet is this guy from ...Avg family income in Toronto is about 100k/yr Avg transaction price for the 1st nine months of 2010 was $430,809.00 that is over 4 times income which is higher than the bank recommended 3.5 times income.
But even the bank recommended income requirements are NOT affordable and well over historic income requirements of 2-2.8 times income. Prices are retreating at a brisk pace. Sales are down month over month for the last 6 months. Ask a Realtor that wants to be honest. (You may have to get him drunk first)
Canada is on track to go the way of the USA housing market. Why?
1)lack of affordability ..unsustainable price apprecciation.
2)negative economic outlook
3)higher unemployment
4)interest rates on the way up ....way up!!
Stupid buyers that are being " hyper-marketed" to death by realtors that "want to help"
Reality will happen and it will not be pretty!
Posted by: kevin | Dec 5, 2010 7:56:54 PM
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