Greater Toronto Area Housing Market Down 11%

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.

Thanks very much for reading. As always, if you would like to discuss your current real estate situation, I would love to offer my expert knowledge of the Oakville and Burlington markets. You can reach me at 905 845 9180, or by email at jamie.vieira@century21.ca. 

Sincerely,

Oakville Burlington Real Estate Agent

Jamie Vieira
Century 21 Miller
905 845 9180
jamie.vieira@century21.ca
www.jamiesells.ca

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Jamie Vieira

Jamie Vieira

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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