October Resale Housing Market Results
In the Greater Toronto Area REALTORS® reported 6,681 sales in October - a 21% decrease from the same period in 2009. Sales in the first ten months of 2010 were one percent higher then those recorded in the January - October of last year.
The market has balanced from record levels of the recent past, but remains strong. Average October price was $443,729, up five percent compared to the average from October 2009.
Mortgage rates are still very low, and home ownership is affordable. There is no indication of major increases in the rates in the near future, and that, combined with more balanced market, bodes well for next year real estate activity.
The following table provides the summary of October home sales and average prices:
| 2010 | 2009 | |||
| Sales | Average Price | Sales | Average Price | |
| City of Toronto ("416") | 2,751 | $491,157 | 3,554 | $464,212 |
| Rest of GTA ("905") | 3,930 | $410,529 | 4,922 | $394,205 |
| GTA | 6,681 | $443,729 | 8,476 | $423,559 |
Looking at various home types the sales and prices were as follows:
| Sales | Avg Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 973 | 2,238 | 3,211 | $707,797 | $491,466 | $557,203 |
| Yr./Yr. % Change | -23% | -22% | -22% | 8% | 5% | 6% |
| Semi-Detached | 303 | 415 | 718 | $490,644 | $336,932 | $401,799 |
| Yr./Yr. % Change | -31% | -19% | -24% | 6% | 5% | 4% |
| Townhouse | 280 | 730 | 1,010 | $396,013 | $307,646 | $332,144 |
| Yr./Yr. % Change | -30% | -14% | -19% | 6% | 3% | 3% |
| Condo Apartment | 1,169 | 463 | 1,632 | $337,754 | $253,927 | $313,972 |
| Yr./Yr. % Change | -18% | -21% | -19% | 4% | 5% | 5% |
For detailed information on our services and all aspects of real estate sales in Toronto, please e-mail us.