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Home prices rise despite slower sales

The number of existing homes sold in September in Greater Toronto dipped 23 per cent in September, compared with September a year ago, says the Toronto Real Estate Board.

The number of existing homes sold in September in Greater Toronto dipped 23 per cent in September, compared with September a year ago, says the Toronto Real Estate Board.

Board members recorded 6,310 sales in September, down from 8,196 a year ago.

But prices rose despite the softer sales, with the median price of a home rising to $360,325 from $347,000 a year ago. The median price marks the point where half the homes sold for more, half for less.

The average price also climbed, to $427,329 from $406,877 a year ago.

Softer sales volume isn’t surprising after the record sales chalked up by the market in the second half of 2009 and early 2010, said Bill Johnston, president of the real estate board.

Meanwhile, in a national survey, Re/Max says the outlook for Canada’s home resale market looks healthy going into the final three months of 2010, after a summer “pause.”

The national real estate sales organization says it anticipates fewer sales than in the surprisingly strong fourth quarter of 2009 but prices are expected to hold up.

Re/Max also says there was a good sign from the number of higher-end properties sold this summer in both smaller and larger centres.

 
 
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