SINGLE FAMILY RESIDENTIAL BREAKDOWN
August 2010
August Sales and New Listings Down, Prices Up 8.5 %
TORONTO - Friday, September 3, 2010 “Market conditions have remained tight enough to support higher home prices in comparison to last year. Under current mortgage lending standards, a household earning the average income in the can 2.3 %GTA 7.0 % % 0.3 21.5 % 0.1 % comfortably afford the mortgage payments on an average priced home. Market conditions and the affordability picture would have 8.5 % to change dramatically before a sustained drop in the average selling price12.0 would take place,” said Jason % % 48.3 Mercer, TREB’s Senior Manager of Market Analysis.
Greater Toronto REALTORS® reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010. This represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings decreased by one per cent yearover-year to 10,488. “The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months. With this said, it is important to recognize that sales on the year were eight per cent higher than in 2009,” said Toronto Real Estate Board President Bill Johnston.
Median Price In August, the median price was
The average price for August transactions was $411,012 – up six per cent compared to the average of $387,921 reported in August 2009.
$358,000,
from
Average
August of 2009.
n
Median
300000 200000 100000 2000
2001
2002 2003
2004
2005
2006
2007
10.8 %
45.4 %
Dwelling Type
Sales
% Median
Detached Single Detached 2,832
97 $442,250
Semi-Detached Semi Detached
98 $362,000
Condo Condo T.H. Townhouse Condo Apt. Apt Condo
676
527 97 $270,000 1,619 98 $279,000
Link Link
102 98 $368,975
Attached/Row Att/Row/Twnhouse 454 Co-op Co-op Apt. Apt Detached Det Condo Condo
98 $344,000
14
96 $229,000
8
98 $329,250
Housing Market Indicators AugustAugust 2009 August 2010 %Change Sales New Listings Active Listings* Days on Market
8,035 10,632 15,682 30
6,232 (-22%) 10,488 (-1%) 19,563 (25%) 36 (20%)
* All figures for single-family dwellings.
Inside District Map.............................................................. 2 Price Category Breakdown......................................2 East District.............................................................. 3 West District............................................................. 6 Toronto District.......................................................10 North District...........................................................12 Annual Summary....................................................16 Single Family Comparison.....................................16
400000
0
the
$338,000 recorded during
Annual Average and Median Price
500000
1.6 % 7.3% % 0.2 0.1 %
26.0 %
2008
2009
2010