The Greater Toronto Area's housing market slowed by 11% in the first two weeks of January compared to the same timeframe in 2010. The first two weeks of 2011 had 1563 sales reported by Greater Toronto Realtors.
This is somewhat misleading, as January of last year had a record pace in terms of housing sales. Toronto Real Estate Board (TREB) President Bill Johnston said that sales remain high from a historical perspective. In addition, he said that market conditions remain strong enough to support a sustainable rate of price growth.
A supporting point to this growth is that the average price during the first two weeks of January this year was $413,565, which represents a 5% increase compared to the first two weeks of January 2010.
Jason Mercer, TREB's Senior Manager of Market Analysis said, "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.
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