Home Prices Moderate in the GTA
By Brian Madigan LL.B.
So which way is the market headed this year? That's the question that everyone asks!
Here's the answer from the Toronto Real Estate Board(February 3, 2010):
"Sales Start Off Strong in 2010"
That was the headline and this is the report:
Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough.
Last month's sales were slightly higher than the January average in the five years preceding 2009.
The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area," said TREB President Tom Lebour.
Increasingly confident consumers moved to take advantage of affordable home ownership.
The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.
Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009," said Jason Mercer, TREB's Senior Manager of Market Analysis. The rate of sales and price growth will be lower in the second half of 2010.
COMMENT
So, which way is the market headed? You just read the story and I bet that you would say "up". However, what if I told you that the average prices over the last three months were:
October...........$423,559
November ......$418,460
December ......$411,931
Then, you would have to say that this is the fourth down month in a row. Statistics can be interesting. And, particularly, the ones you don't want to mention!
Brian Madigan LL.B., Realtor is an author and commentator on real estate matters, Royal LePage Innovators Realty
905-796-8888
www.OntarioRealEstateSource.com
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