Wednesday, September 08, 2010

GTA Average Real Estate Prices and Activity for August 2010

This is the report for August from the Toronto real estate board and
indicates a 'normal' amount of activity and price drop for the month of
August.

All the best!
Mark

GTA REALTORS(r) Report Monthly Resale Housing Figures

TORONTO, September 3, 2010 ‐ Greater Toronto REALTORS(r) reported 6,232
sales through the Multiple Listing Service(r) (MLS(r)) in August 2010.

This represented a 22 per cent decrease compared to the 8,035 sales recorded
during the same period in 2009. New listings decreased by one per cent
year-over-year to

10,488.

"The prospect of interest rate hikes and new mortgage lending rules
prompted some households to purchase a home sooner than they otherwise would
have this year. The

result has been a larger than normal dip in sales over the summer months.
With this said, it is important to recognize that sales on the year were
eight per cent higher than

in 2009," said Toronto Real Estate Board President Bill Johnston.

The average price for August transactions was $411,012 - up six per cent
compared to the average of $387,921 reported in August 2009.

"Market conditions have remained tight enough to support higher home prices
in comparison to last year. Under current mortgage lending standards, a
household earning the average income in the GTA can comfortably afford the
mortgage payments on an average priced home. Market conditions and the
affordability picture would have

to change dramatically before a sustained drop in the average selling price
would take place," said Jason Mercer, TREB's Senior Manager of Market
Analysis.

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