Buyers can comfortably afford the mortgage payments on an average home for sale Toronto
The Toronto Real Estate Board (TREB) recorded 6,564 sales in July 2010, and a 34% drop over the same month last year. Despite the increased demand the buyers saw in real estate for sale Toronto market in second half of last year the number of new listings coming on the market continued to fall until December of that year.
There was a continuous slow down in the market with home sales Toronto actually dropping by 1% over August last year. The average price for a home in the GTA was up 13% to $446,593 and the new listings were up 38% to 18,940. The buyers need to look at the overall statistics for Toronto’s Real Estate Market as on an average the Real Estate Prices are down at 1% and inventory is up at 38%.
Jason Mercer, the Senior Manager for Market Analysis (TREB) said that a household earning the average income in the GTA could comfortably affords the mortgage payments on an average home for sale Toronto, under current mortgage lending standards. The Toronto Real Estate Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place. During August 2009, the median price was $338,000 but in the August 2010, the median price was $358,000.
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