Toronto Real Estate in August

Photo by Jason
Photo by Jason

Toronto Real Estate Board published its regular market update for August 2010. According to data gathered from GTA realtors, year-to-date sales continue to outpace the previous year, while August sales were down, compared to August 2009.

As the Board President Bill Johnston said: "The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months."

Market is balanced and continues to outpace the cumulative result of the year 2009 by 8%. Inflow of new MLS listings remains around 10, 000 items per month (10,488 in august, 1% down compared to the last year). Overall market supply was up by 25% to 19,563 items listed.
The average price reached $411,012 – up 6%. Median price reached $358,000, up from $338,000 in August 2009. Average priced home is still affordable for a family with average income; reformed mortgage rules keep the demand solid and fuel price growth.

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