October Price Growth Reflects Healthy Housing Market
The Toronto Real Estate Board has reported this month that the October Price Growth reflects healthy housing market conditions for Toronto.
Greater Toronto Realtors reported over 6500 sales throught the Multiple Listing Service (MLS) in October 2010. This represents a 21% decrease from the 8476 sales in October of 2009. Through the first ten months of this year, sales amounted to 75,582, up one percent compared to the January through October of 2009.
"The annual chance in sales and average selling prices has been quite uniform across the GTA and by property type as the market has balanced out from record levels of sales in the second half of 2009 and first few months of 2010," said Toronto Real Estate Board (TREB) President Bill Johnston.
"The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable," said Jason Mercer, The Toronto Real Estate Board's Senoir Manager of Market Analysis. "A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home."
"The outlook for mortgage rates and income growth over the next year is favorable. The average home selling price could increase moderately next year and reamin affordable for the average GTA household." sais Jason Mercer.
With this said, it looks like we will have another exciting year ahead of us!
I hope that you have found this information helpful. If there is any further information you would like to know, please do not hesitate to contact me. Educating my clients is something I love to do!
Greater Toronto Realtors reported over 6500 sales throught the Multiple Listing Service (MLS) in October 2010. This represents a 21% decrease from the 8476 sales in October of 2009. Through the first ten months of this year, sales amounted to 75,582, up one percent compared to the January through October of 2009.
"The annual chance in sales and average selling prices has been quite uniform across the GTA and by property type as the market has balanced out from record levels of sales in the second half of 2009 and first few months of 2010," said Toronto Real Estate Board (TREB) President Bill Johnston.
"The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable," said Jason Mercer, The Toronto Real Estate Board's Senoir Manager of Market Analysis. "A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home."
"The outlook for mortgage rates and income growth over the next year is favorable. The average home selling price could increase moderately next year and reamin affordable for the average GTA household." sais Jason Mercer.
With this said, it looks like we will have another exciting year ahead of us!
I hope that you have found this information helpful. If there is any further information you would like to know, please do not hesitate to contact me. Educating my clients is something I love to do!