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GTA REALTORS® Report Monthly Resale Housing Figures
August Sales and New Listings Down, Prices Up
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.
Median Price
In August, the median price was $358,000, from the $338,000 recorded during August of 2009.
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Well I will be checking back soon to give you the latest scoop on what's new. If you have any comments, get in touch. Remember, if you are looking for a home or selling your home, call me! I can send you listings electronically if you are simply interested on what's going on in your neighborhood, no problem.
You can get help determining the value of your home by requesting a TORONTO MLS generated market report that includes the prices of similar homes that recently sold or are currently for sale in the Toronto areas with statistics.
So whether you're buying or selling, feel free to contact me at mark@markrourke.com and I will be happy to help you. Also if you want to chat, I'm game.
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