Resale homes in the GTA remain affordable.

"It is important to consider the positive impact of declining mortgage rates over the past two decades when assessing affordability.  Simply considering home prices relative to incomes does not allow for an accurate analysis of affordability," reported Jason Mercer, TREB Senior Manager of Market Analysis. "The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow."

The volume of Real Estate activity in the GTA in September 2010 was down by 23% compared to the same period in 2009 although year-to-date this volume was up 4%.

"The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA," said Toronto Real Estate Board President Bill Johnston.

Interestingly, although the volume was down significantly the average Sale Price was up a comfortable 5%, at $427,329.

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