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.