January sales for existing homes in the Greater Toronto Area has stumbled out of the gate, at least compared to last year.
Sales were down by 11 per cent in the first two weeks of 2011 according to figures released by the Toronto Real Estate Board Wednesday.
The board reported 1,583 sales compared with 1,749 at the same time last year. This is the first indicator of the health of the market for 2011.
“While off the record pace experienced last January, sales remain high from a historical perspective and market conditions remain tight enough to support a sustainable rate of price growth,” said Toronto Real Estate Board president Bill Johnston.
But new mortgage rule changes announced this week which reduces the maximum amortization to 30 years from 35 effective in March, are expected to bring forward buyers in the coming months.
Prices still remained solid at $413,565, up five per cent from the first two weeks of 2010.
In the city of Toronto prices were $418,951 compared with $401,120 in 2010.
In the 905 region, prices were slightly lower at $409,947 compared with $391,353 a year earlier.
http://www.moneyville.ca/article/924425--home-resales-strong-despite-january-slide
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