Greater Toronto Area Realtors registered with the Multiple Listing Service (MLS) reported 6,681 unit sales in October 2010. This represents a 21 percent decrease in contrast to sales figures in Toronto in October 2009. This said, the average cost for October transactions increased five percent when compared to the same time last year. A central motive for the increase in average selling price in the Greater Toronto Area is the affordability of home ownership, given stronger incomes and low Toronto Mortgage Rates.
The Toronto Real Estate Board commented that composition of GTA homes sales differ according to location, with condominium apartments accounting for 42 percent of total sales in Toronto and 60 percent in the Toronto Real Estate Board’s central areas. This said, in suburbs of Toronto, low rise homes accounted for almost 90 percent of transactions. The entire Toronto area continues to enjoy low mortgage rates which should continue to support sustainable increase in housing prices over the short to medium term.
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