Dan
New Member
Below is the Toronto Real Estate Boards numbers for the GTA for August.
GTA REALTORS® Report Monthly Resale Housing Figures
TORONTO, September 3, 2010 ‐ Greater Toronto REALTORS® reported 6,232 sales
through the Multiple Listing Service® (MLS®) 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.
Housing Charts Continue…
GTA REALTORS® Report Monthly Resale Housing Figures
TORONTO, September 3, 2010 ‐ Greater Toronto REALTORS® reported 6,232 sales
through the Multiple Listing Service® (MLS®) 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.
Housing Charts Continue…