“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.
What affordability means is that people are still able to buy and maintain homes, therefore the risk of a housing bubble caused by mortgage defaults is low. With a reported 5% increase to $412,367 in GTA average home price over this time last year, and a lower number of sales and listings, the market data is showing that home buyers and sellers are being prudent and are doing a good job in making housing decisions.
For the full report visit
Toronto Real Estate Board - Mid month resale housing figures.
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