GTA Housing Market Conditions Remain Healthy in September
With the ninth month now in the books, 2010 continues to be one of the best years in history for resale home transactions. The numbers show that home prices continue to climb and sales for the year are still up 4%, even after a relatively quiet summer. The numbers show the strength of our housing market and confirm that home ownership is and always will be the right thing to do. Despite what has been said in the media about prices falling, we continue to see a steady, yet conservative, appreciation of home values. This should finally put the "housing bubble" stories to rest, however rest assured, the media will be back at it soon. In reality, with inventory decreasing, we are poised to change back into a sellers' market very soon, and buyers should scoop up property while pricing is still desirable. If you're planning on selling, the decreasing inventory is music to your ears. Get on the market in the next week or two and you'll be very happy.
TREB's Market Watch is attached below.
If you have any questions about purchasing or selling your property, do not hesitate to contact me at 647-477-3648 or email me anytime (info@asifkhan.ca).
October 5, 2010 -- Greater Toronto REALTORS® reported 6,310 sales through the Multiple Listing Service® (MLS®) in September 2010. 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."Asif Khan, Realtor
Re/Max All-Stars Realty Inc.
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Posted via email from Markham Real Estate Today with Asif Khan
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