Toronto houses spending more time on the market

Single-family homes spent an average of 36 days on the market in January 2011, up from 28 days January 2010 – representing a 29% increases.

Overall, the 4,337 transactions in January represented a 13% decline from 4,986 in January 2010. New listings were also down, slipping 10% from 10,021 in January 2010 to reach 9,008 this January.

The average selling price of a single family home in Toronto last month was $427,037, which was a 4% increase over a year earlier, when the average price was $409,058.

“The GTA (Greater Toronto Area) resale market has started the year on a solid footing,” said TREB President Bill Johnston in a statement. “Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points.”

The average price of a single-family home has been declining in Toronto since a peak of $443,720 in October 2010, according to TREB figures.

Jason Mercer, TREB’s senior manager of market analysis, said he expects the average selling price in Toronto to rise in 2011, likely somewhere between 3% to 5%.

The area of Toronto with properties selling quickest was the TREB-defined E7, bordered by Kennedy Road on the west, Markham Road to the east, Steeles Ave. to the north, and Highway 401 to the south. The average time on market there was 19 days, nearly half the Toronto average in January of 36 days.

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