According to Greater Toronto Realtors reports, 6,232 home sales happened through the MLS in August 2010, which represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings in sell real estate Toronto also decreased by 1% year-over-year to 10,488.
Toronto Real Estate Board President Bill Johnston stated that the prospect of interest rate hikes and new mortgage lending rules prompted investors to buy home Toronto sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months. Having said that, sales on the year were eight per cent higher than in 2009 and the average price for August transactions was $411,012 up six per cent compared to the average of $387,921 reported in August 2009.
Jason Mercer, TREB’s Senior Manager of Market Analysis said that real estate for sale Toronto has remained tight enough to support higher home prices in comparison to last year. He added that under current mortgage lending standards, a household earning the average income in the GTA could comfortably afford the mortgage payments on an average priced home.
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