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Toronto home sales down 11%
GTA Realtors Report On Resale Housing Market
Greater Toronto Realtors reported 1,563 sales during the first two weeks of January 2011 – an 11 per cent decrease compared to the first two weeks of January 2010.
"While off the record pace experienced last January, sales remain high from a historic perspective and market conditions remain tight enough to support a sustainable rate of price growth," said Toronto Real Estate Board (TREB) President Bill Johnston.
The average price for transactions during the first 14 days of January was $413,565, representing a five per cent increase compared to the first two weeks of January 2010.
"Average price growth continues to be supported by a positive affordability picture. A household earning the average income can afford mortgage payments associated with the purchase of an average priced home," said Jason Mercer, TREB's Senior Manager of Market Analysis.
January 20, 2011 in Toronto Real Estate Trends | Permalink
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Comments
The price of homes in the GTA never declines (except if there is a Psychological trauma or a natural calamity)and it all depends on the location and how the way the landlord/seller maintains their house. An unmaintained or neglected home cannot fetch the price comparing to their neighbors. The price neither the home owner nor the real estate agent decides, it is decided by the market only.
Some people they move to northern, western and eastern municipalities assuming the house price is lesser than in the GTA. It is all value proposition only. You have to scarify something to enjoy that or you have to pay for enjoying that.
Finally, the Residential Average sales price YTD:
In 2009 it dropped owing to global recession 9%
In 2010 it increased by 19%
In 2011 (YTD)increased by 4.3%
Posted by: VJ Krishnan | Feb 11, 2011 9:43:25 AM
Houses for sale in Toronto seems way expensive compared to other neighborhood up north. This is the reason why many prospective home buyers preferred finding homes outside the Toronto area. Thanks for the heads up though!
Posted by: Sacramento Realtor | Feb 10, 2011 8:52:36 PM
I see a lot of people arguing over whether or not the house and condo prices/sales will go up or down this year or whether they have gone up or down thus far this year.
It really doesn't make sense to look at an entire country, province, or even region (such as the GTA) and say that prices will go up or down across the board. There will always be parts of a region that will do better or worse than others. These price/sales cycles are inevitable and at the moment I'm still optimistic and I have my own results to prove the reasons I am.
Posted by: Scarborough Real Estate Agent | Feb 9, 2011 3:25:37 PM
Just sold my house to a sucker over asking in Toronto! I am out of the market and renting. Phew! Just in time. Robert Schiller the famed economist who predicted the US crash says that the same will happen in Canada.
http://www.examiner.com/financial-markets-in-toronto/canada-not-immune-to-real-estate-downturn
Posted by: Ahsan Zaman | Feb 9, 2011 12:43:54 PM
Nothing to worry about. It was bound for the numbers to be down slightly given that 2010 was a phenomenal year for the real estate market in Toronto and virtually all of Canada. The changes in the mortgage rules also played a part in these numbers.
Despite these numbers, the real estate market in Toronto and virtually across Canada is stronger than ever. Proof being the fact that there was an increase in building permits of 50% at the end of 2010 in comparison to 2009. This proves that there's still a lot of demand for homes.
Posted by: Linda | Feb 8, 2011 10:59:38 AM
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