Third Best Sales Year Ever for Resales

TORONTO - January 17, 2011

SINGLE FAMILY RESIDENTIAL BREAKDOWN

The Toronto Real Estate Board (TREB) reported 4,395 existing home sales in the month of December which brought the 2010 total to 86,170 the third best year ever, down by a mere one per cent over 2009. Emphasizing once more the fundamental solidity of the market in the G.T.A.  So much for the doom and gloom.

Average transaction price in 2010 was $431,463 – up 9% compared to the 2009 average transaction price of $395,460. 

A more balanced market in the latter half of 2010 caused a more moderate growth in prices

I expect a price growth of 5% or less for 2011, factoring in today’s minor modifications to residential mortgaging, the most significant being the reduction in the maximum amortization from 35 to 30 years. An attempt to curb household debt.

The December median price was $355,000, up marginally from the $349,000 of December of 2009 underlining the affordability of GTA Real Estate for the Average Family.

We await the unfolding events of 2011 with bated breath.

 Interest rate are due to rise later in the year, according to the pundits. This could dampen market activity but with some more  encouraging economic news from South of the Border will increase activity. We shall see what we shall see.

P.S. In case nobody has mentioned this to you; if you have ever thought of buying in the US this is likely the time.