Toronto’s housing market bouncing back – Metro US

Toronto’s housing market bouncing back

Toronto prices are back on track to historically expected rises after the big dip in early 2009 though numbers of homes sold are still down.

The average sale price of a residential property in the Toronto area in Sept. 2010 was $427,329, a roughly five per cent increase over the Sept. 2009 average of $406,877.

In total, 6,310 homes were sold throughout Toronto in Sept. 2010, down 23 per cent from the 8,196 homes sold in Sept. 2009, something Toronto Real Estate Board senior manager Jason Mercer chalks up to a balancing out of prices after the buying rush of mid-2009.

He says the price stabilization is a strong indicator that things are getting back to normal, however.

“What we’re seeing is growth in the average selling price year-over-year. We’ve seen prices growing in the mid single digits over the last few months, which is in line with what we’ve come to expect over the last decade,” said Mercer.

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