JANUARY RESALE HOUSING MARKET FIGURES
Greater Toronto REALTORS reported 4,986 transactions through the Multiple Listing Service in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month sales were slightly higher than the January average in the five years preceding 2009. The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area, said TREB President Tom Lebour. Increasingly confident consumers moved to take advantage of affordable home ownership. The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year. Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009, said Jason Mercer, TREB Senior Manager of Market Analysis. The rate of sales and price growth will be lower in the second half of 2010.
Summery of January Sales and Average Price
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January
__________2010_______________2009________________
Sales Average Price Sales Average Price
City of Toronto ("416") 1,973 $428,151 1,106 $364,416
Rest of GTA ("905") 3,013 $396,556 1,564 $328,935
GTA 4,986 $409,058 2,670 $343,632
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