TORONTO, December 3, 2010 -- Toronto Real Estate Board reported 6,510 resalee

sales in November – down 13 per cent from 7,446 sales in November 2009. New listings were in step, down 13 per cent to 8,642.

On a seasonally adjusted basis the annual rate of sales increased for

the fourth straight month to 88,100. The average selling price for November transactions was $438,030 - up five per cent  from November 2009.

 Market conditions continue to normalise and we can look forward to a stable market going forward into 2011.

The only worry is that the omens look almost too good

If employment in Ontario and the economy in the United States continue to improve the market could get a real boost. If economy is doing fine when our largest trading partner is suffering, how well will we do when, not if, the US starts to cook?  Obama may yet be saved by a flourishing economy.

 

Summary Of November Sales And Average Price

November

2010                                                 2009

 Sales            Average Price                Sales                         Average Price

 

City of Toronto ("416")  2,794              $476,844                   3,212                           $450,079

 

Rest of GTA ("905")        3,716              $408,846                  4,234                           $394,474

 

GTA                                   6,510             $438,030                   7,446                           $418,460

 

 

Source: Toronto Real Estate

Board