November results for GTA released by Toronto Real Estate Board reported 6,510 existing home sales in November – down 13 per cent from 7,446 sales in November 2009. “The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price,” said Toronto Real Estate Board President Bill Johnston. “Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current Toronto Real Estate Board market area,” continued Johnston. The average selling price for November transactions was $438,030 - up five per cent compared to November 2009. “The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year said Jason Mercer, TREB’s Senior Manager of Market Analysis.