thinktorontohomes.com homeabout uscontact us
when you think real estate...
BUYERS  |  SELLERS  |  LISTINGS  |  FREE HOME EVALUATION  |  NEW LISTINGS NOTIFIER

« Federal Government Changes Mortgage Financing Rules | Main | GTA REALTORS® Report Mid-Month Resale Housing Market Figures »

GTA REALTORS® Report Monthly Resale Housing Market Figures

TORONTO, January 6, 2011 -- Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.

“Market conditions were anything but uniform in 2010. We went from super-charged sales activity
during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.

“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that
the HST was not applicable to the sale price of an existing home and buyers realized that home
ownership remained affordable, market conditions improved,” continued Johnston.

The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009
average selling price of $395,460. In December, the average annual rate of price growth was five per
cent.

“At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This
was the result of extremely tight market conditions coupled with the fact that we were comparing
prices to the trough of the recession at the beginning of 2009,” said Jason Mercer, TREB’s Senior
Manager of Market Analysis.

“Balanced market conditions in the second half of 2010 resulted in more moderate home price
appreciation,” continued Mercer. “Expect the average selling price to grow at or below five per cent in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will
remain affordable for a household earning an average income.”

Home sales in the GTA were spread across a number of different housing types in 2010. Detached
homes accounted for 49 per cent of total sales. Condominium apartments accounted for an additional
25 per cent per cent of sales. Other housing types including townhomes and semi-detached houses
accounted for the final 26 per cent. In some areas like TREB’s central districts the mix was quite
different, with condominium apartments accounting for 61 per cent of total sales.

“Ownership housing is available in a diversity of types and price points across the GTA, allowing plenty of choice for first time buyers and experienced home buyers alike. This housing diversity is one factor that continues to make the GTA a popular choice for households and businesses,” concluded Johnston.

 

Posted on Thursday, January 6, 2011 at 05:53PM by Registered CommenterElaine in | CommentsPost a Comment

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.