"The annual change 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 composition of GTA home sales does differ depending on location. Condominium apartments accounted for 42% of total sales in the City of Toronto and almost 60% of sales in TREB's central districts," Johnston continued. "In regions surrounding the City of Toronto, in contrast, low rise home types accounted for almost 90% of transactions."
The average price for October transactions was $443,729 – up 5% compared to the average of $423,559 reported in October 2009. The average selling price through the first nine months of the year was $430,802.
"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 Senior 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 median price was $366,000 in October, from the $357,000 recorded during October of 2009.
For a detailed report for the month of October click here.
Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Email: zeenia@zeeniakola.com
Ph: 905-828-3434
Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1
website: http://www.zeeniakola.com/
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