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GTA REALTORS(R) Report Monthly Resale Housing Figures

Greater Toronto REALTORS® reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010.

This represented a 22 per cent decrease compared to the 8,035 sales recorded during the same period in 2009. New listings decreased by one per cent year-over-year to 10,488.

"The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months. With this said, it is important to recognize that sales on the year were eight per cent higher than in 2009," said Toronto Real Estate Board President Bill Johnston.

The average price for August transactions was $411,012 - up six per cent compared to the average of $387,921 reported in August 2009.

"Market conditions have remained tight enough to support higher home prices in comparison to last year. Under current mortgage lending standards, a household earning the average income in the GTA can comfortably afford the mortgage payments on an average priced home. Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place," said Jason Mercer, TREB's Senior Manager of Market Analysis.

                  Summary Of August Sales And Average Price
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                                                  August
                                        2010                   2009
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                                 Sales  Average Price   Sales  Average Price
City of Toronto ("416")          2,360       $421,407   3,109       $402,246
Rest of GTA ("905")              3,872       $404,675   4,926       $378,880
GTA                              6,232       $411,012   8,035       $387,921
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Source: Toronto Real Estate Board


                     Sales & Average Price By Home Type
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                                 August-2010
                           Sales                  Average Price
                         416      905    Total       416       905     Total
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Detached                 676    2,156    2,832   588,867   482,657   508,172
  Yr./Yr. % Change      -32%     -22%     -25%        4%        7%        6%
Semi-Detached            255      421      676   463,769   342,933   388,515
  Yr./Yr. % Change      -19%     -16%     -17%       12%        9%       10%
Townhouse                261      720      981   354,843   305,896   318,918
  Yr./Yr. % Change      -29%     -19%     -22%        4%        5%        4%
Condo Apartment        1,143      476    1,619   330,952   250,585   307,324
  Yr./Yr. % Change      -18%     -21%     -19%       10%        5%        9%
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Source: Toronto Real Estate Board

Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 30,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.

For information about Buyer Representation Agreements (BRA) visit www.BRAFirst.ca.