The Toronto Real Estate Board released their October 2010 real estate statistics. Sales decreased 21% compared to October 2009. The average price for a home in Toronto in October 2010 was $443,729. The average price in Toronto increased by 5% compared to $423,559 in 2009.
It looks like the real estate market is very hot despite all the recent “real estate bubble” articles and blogs, which predict a rapid decline in real estate prices. The average price was the 2nd highest on record. Only May’s high of $446,593 was more.
The decline of 21% in sales is significant, but sales were very hot last October. In 2010 there were 6,681 sales in the month of October. The sales for the same month in previous years were 8476 (2009), 5155 (2008), 7915 (2007). So although the sales last month were lower, they did not come close to reaching the “financial crisis” low of 2008.
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