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Masoud Behbahani
Sales Representative

Kingsway Real Estate
Brokerage

151 City Centre Dr. #300, Mississauga, ON L5B 1M7

Phone: 905-268-1000  Mobile: 416-579-1860  Fax: 905-277-0020

GTA REALTORS® Report Monthly Resale Figures Housing

September 7, 2010 - Updated: September 7, 2010

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 to10,488.

“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. Theresult 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.

Click here for complete Market Watch. pdf   


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