Well, it has been a quieter period of late but the news is still very positive. Let, me be more specific, the news from us the Realtors has been very positive. The stats have proven yet another good month. Keep in mind that 2009 was an extremely hot year for real estate growth in values and total transactions. It is unlikely that will be repeated for many, many years. With that in mind have a read through, you cannot deny that this is good news for the real estate owners and buyers looking to hold for the long term.
Greater Toronto REALTORS reported 6,510 existing home sales in November – down 13 per cent from 7,446 sales in November 2009. New listings were also down 13 per cent
annually to 8,642.
On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100. This rate was substantially higher than the July low of 67,900. “The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price,” said Toronto Real Estate Board President Bill Johnston.
“Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area,” continued Johnston.
The average selling price for November transactions was $438,030 – up five per cent
compared to November 2009. “The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Median: In November, the median price was $366,000, from the $353,800 recorded during November of 2009.
Excerpt Taken From Toronto Real Estate Board Market Watch