TORONTO, October 5, 2010 –Greater Toronto REALTORS® reported 6,310 sales through the Multiple Listing Service® (MLS®) in September 2010.
during the same period in 2009. Through the first nine months of the year, sales
amounted to 69,069 – up four per cent compared to the first three quarters of
“The level of sales in the second half of 2010 has been lower, representing a
balancing out period following record levels of sales in the latter half of 2009 and
first few months of 2010. We remain on track for one of the best years in history
for existing home transactions in the GTA,” said Toronto Real Estate Board
President Bill Johnston.
The average price for September transactions was $427,329– up five per cent
compared to the average of $406,877 reported in September 2009. The average
selling price through the first nine months of the year was $429,657.
“Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Senior
Manager of Market Analysis.
“It is important to consider the positive impact of declining mortgage rates over
the past two decades. Simply considering home prices relative to incomes does
not allow for an accurate analysis of affordability,” continued Mercer. “The share
of average household income going toward a mortgage payment on the average
priced home in the GTA remains within accepted lending guidelines. This is why
the average home selling price has continued to grow.”