Energetic Resale Market in the Toronto Area Drives Sale Prices Up 5%

An energetic resale market in the Toronto area has succeeded in driving selling prices up 5%.
According to recently released November statistics from the Toronto Real Estate Board(TREB) there were  6,510 sales in November, which is  a 13% decline from November 2009’s record levels. The year-over-year sales drop was mirrored by a dip in new listings, indicating that the market was adequately tight to promote continued price growth. The average selling price in November was $438,030--up 5% from November 2009.
When compared to last year’s record-breaking statistics, the actual number of transactions continued to be lower in comparison. However, there are still indications that existing home sales since July are robust.  For the last four months, there has been a consistent seasonally adjusted annual rate of sales, from the July low of 67,900 to 88,100 in November.
"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 % 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.