According to the Greater Toronto REALTORS, 2,623 sales were reported through the Multiple Listing Service (MLS) in the first 2 weeks of September 2010. Last year during the same time period there were 3,361 sales reported (a 22% decrease).

While September and August were lower in sales this year, the year-to-date sales are up around 65,455 which is about 6% higher than 2009. “Sales remain below the record pace we experienced in the second half of 2009. The prospect of higher interest rates and new mortgage lending guidelines resulted in higher than normal sales in the first few months of the year. To balance this out, the pace of sales has slowed in the second half,” according to Bill Johnston, Toronto Real Estate Board President.

Mr. Johnston also points out that “year-to-date sales remain above the number reported through the same period last year”.  The average price for September mid-month transactions was up 5% to $412,367 from last years reported average of $393,818 .

“Under current lending standards, the average selling price is affordable for a household earning the average income in the GTA. The annual price growth we have been experiencing has been justified by this positive affordability picture,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.