2011 is starting off just under the shadow of 2010, at least in terms of resale housing figures according to the REALTORS of the GTA. For the first two weeks of January 2011, there were a reported 1,563 sales – which marks an 11 % decrease compared to the first two weeks of January 2010.
“While off the record pace experienced last January, sales remain high from a historic perspective and market conditions remain tight enough to support a sustainable rate of price growth," said Toronto Real Estate Board (TREB) President Bill Johnston.
In looking at the average transactional price, there was an increase however. The average price for transactions in the first 14 days of January was $413,565- up 5% from this time in 2010.
"Average price growth continues to be supported by a positive affordability picture. A household earning the average income can afford mortgage payments associated with the purchase of an average priced home," said Jason Mercer, TREB's Senior Manager of Market Analysis.
In looking at sales numbers for housing type, compared to the same period in 2010, sales for detached houses and semi detached were both down by 10%; townhouses fell by 20%, and condominiums registered in a 9% lower.
In terms of prices for the same period, for detached homes, there was an increase of 4%; semi detached also went up by 4%; townhouse prices only went up 1%, while condo prices saw an increase of 8%.
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