“Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.

“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved,” continued Johnston.

The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.

“At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation,” continued Mercer. “Expect the average selling price to grow at or below five per cent in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income.”

Home sales in the GTA were spread across a number of different housing types in 2010. Detached homes accounted for 49 per cent of total sales. Condominium apartments accounted for an additional 25 per cent per cent of sales. Other housing types including townhomes and semi-detached houses accounted for the final 26 per cent. In some areas like TREB’s central districts the mix was quite different, with condominium apartments accounting for 61 per cent of total sales.

“Ownership housing is available in a diversity of types and price points across the GTA, allowing plenty of choice for first time buyers and experienced home buyers alike. This housing diversity is one factor that continues to make the GTA a popular choice for households and businesses,” concluded Johnston.

Source: TREB (Toronto Real Estate Board)

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TORONTO, December 16, 2010 — Greater Toronto REALTORS® reported 2,509 sales through the Multiple Listing Service® (MLS®) during the first two weeks of December 2010.

This represented a 19 per cent decrease compared to the 3,079 sales recorded during the same period in December 2009. Year-to-date sales amounted to 84,316 – down one per cent from the 2009 total of 84,888.

“While off the 2009 record, the level of December transactions remains strong from a historic perspective. The number of transactions in 2010 will be the third highest on record,” said Toronto Real Estate Board President Bill Johnston.

The average price for December mid-month transactions was $435,225 – up three per cent compared to the average of $423,103 recorded during the first 14 days of December 2009.

“Market conditions remain tight enough to support moderate growth in the average selling price. Expect the three per cent annual rate of growth reported for the first two weeks of December to be the norm in 2011,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Source: TREB (Toronto Real Estate Board)

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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.

Source: TREB (Toronto Real Estate Board)

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This represented a 23 per cent decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year, sales amounted to 69,069 – up four per cent compared to the first three quarters of 2009.

“The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA,” said Toronto Real Estate Board President Bill Johnston.

The average price for September transactions was $427,329– up five per cent compared to the average of $406,877 reported in September 2009. The average selling price through the first nine months of the year was $429,657. “Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to incomes does not allow for an accurate analysis of affordability,” continued Mercer. “The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow.”

Source: TREB (Toronto Real Estate Board)

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“The pace of transactions slowed in May following record setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”

New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 – up 13 per cent compared to the average of $395,609 recorded in May 2009.

“The gap between listings and sales has widened, which means there is more choice for buyers,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”

Source: TREB (Toronto Real Estate Board)

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“We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results,” said TREB President Tom Lebour. “Consumers have remained confident in ownership housing as a long-term investment.”

Year-to-date sales, at 66,437 were up 4.5 per cent compared to the first nine months of 2008. Average price, at $388,417 was up by almost 1.5 per cent.

“Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREB market area,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.

Source: TREB (Toronto Real Estate Board)

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“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year.

“The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”

Source: TREB (Toronto Real Estate Board)

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“Households in the GTA have become more confident in purchasing a home over the past three months,” said TREB President Maureen O’Neill. “Affordability, due in part to very low borrowing costs, has played a key role.”

The average price for MLS® sales was $407,716, up by two per cent compared to last year. “Heightened interest in ownership housing this spring has solidified resale home prices,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “The number of home buyers has been high relative to the number of listings, pushing the average price above last year’s level.”

Source: TREB (Toronto Real Estate Board)

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“The resale housing market in the GTA has remained resilient in the face of challenging times
globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken
advantage of extremely low mortgage rates.”

The average price for April transactions was $395,609 – down less than one per cent compared
to the same month last year.

“The average resale home price has moved in line with last year’s level because of tighter
market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of
Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home
prices.”

Source: TREB (Toronto Real Estate Board)

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“In lock-step with the favorable March results, resale housing market conditions in the first half of April were markedly improved compared to the winter time,” said TREB President Maureen O’Neill.

“Households that were on the sidelines at the beginning of the year are now taking advantage of lower interest rates and lower home prices.”

The average price for MLS® sales was $383,161, down four per cent from $399,117 last year.

“The average home price in the GTA stabilized as resale market conditions tightened over the past two months,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Existing home sales increased relative to new listings.”

Source: TREB (Toronto Real Estate Board)

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