The last figures published by Toronto Real Estate Board show that Greater Toronto Realtors reported 6,681 Sales through the Multiple Listing Service (MLS) in October 2010.
This represented a 21% decrease compared to the 8,476 sales recorded in October 2009. Through the first ten months of the year, sales amounted to 75,582 - up 1% compared to the January through October period in 2009.
"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 2nd half of 2009 and first few months of 2010", said TREB President, Bill Johnston.
"The composition of GTA home sales does differ depending on location. Condominium apartments accounted for 42% of total sales in the city of Toronto and almost 60% of sales in TREB's central districts," Johnston continued. "In regions surrounding the city of Toronto, in contrast, low rise home types accounted for almost 90% of transactions."
The average price for October transactions was $443,729 - up 5% compared to the average of $423,559 reported in October 2009. The average selling price through the first nine months of the year was $430,802.
"The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable," said Jason Mercer, the TREB's Senior Manager of Market Analysis. "A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home."
"The outlook for mortgage rates and income growth over the next year is favorable. The average home selling price could increase moderately next year and remain affordable for the average GTA household," continued Mercer.
October Sales and Average Prices
Toronto (416), 2,751 Sales, Average Price: $491,157
Rest of GTA (905), 3,930 Sales, Average Price: $410,529
Total GTA 6,681 Sales, Avergage Price: $443,729
