The Toronto Real Estate Board just released their 2010 Real Estate Statistics. In 2010 there were 86,170 homes sold, which is down by 1% compared to 87,308 sold in 2009. The average price for a home in the Greater Toronto Area in 2010 was $431,463. This was up by 9% compared to 2009 when the average home selling price was $395,460.
So it was a very impressive year for real estate sales in 2010. However, a closer examination of the number of sales reveals that in the first half of the year (from January to June in 2010), sales totaled 50,455 units and had increased by 23% compared to 2009. In the second half of the year (from July to December), sales totaled 35,715 and had actually decreased by 25% compared to 2009. So it appears that 2010 was a year in which sales skyrocketed in the first 6 months and then plunged (comparatively) in the last 6 months. However, these seemed to have little impact on price…
The average home price increased by 9% in 2010 and it showed steady growth month over month. Even in the last 6 months when sales were dropping, the average home price was well over the 2009 price for the same month. This is incredible when compared to other countries (Ireland, US, England…) who all saw home prices continue to drop in 2010. Some of the factors related to the increase in prices include a lack of listings (and a lot of people who wanted to buy!) as well as record low mortgage rates. In the graphs below, you will notice a increase in the average price and a decrease in the active listings.
Let’s see what 2011 will bring!
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