Toronto realtors recorded 6,681 sales in October 2010, according to the latest news report from the Toronto Real Estate Board (TREB). This number represents a 21% decrease compared to the same period last year and a slight increase compared to the previous month, when 6,310 sales were made.
Getting over the hurdle
The rising pressure from the supply side, which we witnessed in recent months, has relaxed slightly, when only 10,582 items entered MLS listings, with overall supply reaching 18,305 items. This resulted in a drop in the Days on Market indicator, which was reduced by 2 days to 31 days.
For Rent 2 by Ian Muttoo
The average price continues to grow. This October's average price, $443,729, was 5% higher than in October 2009. The average year-to-date price was $430,802, while the median price reached $366,000. Further moderate price growth is expected for 2011.
Bill Johnston, TREB President, said: “The annual change in sales and average selling prices has been quite uniform across the GTA and by property type, as the market has balanced out from record levels of sales in the second half of 2009 and the first few months of 2010.”
Condominium sales were typical for the City (42%) and especially for the central districts (60%). On the other hand, low-rise homes accounted for 90% of sales in surrounding regions.
The thrilling days of rapid acceleration in the post-drop times of late 2009 and early 2010 are over, but the Toronto real estate market keeps moving in a moderate pace despite interest rate increases. This is good news both for buyers and sellers.
