November results for the GTA area release by Toronto Real Estate Board confirmed sales activity decline. Annual results remain near record high values.
There were 6,510 sales in November 2010, 13% down compared to the same months of 2009. Average price continued to grow (we explained why in our recent article Strange Market), adding 5% compared to November 2009.
As Bill Johnston, the president of TREB, adds: "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."
The market stability is visible, when we compare October 2010 results, when we reached very similar number of sales (6,681 items). While days on market went up to 33 days (31 days in October), drop in both new listings inflow (8,642, compared to 10,582 month ago) and overall stock level (there are 2,500 active listings less in Toronto MLS listings than the previous months) suggests we will see only small moderation of average price growth.