Sales of existing homes in the Greater Toronto Area were down 13% in November 2010 compared to November 2009. New listings were also down 13% annually. The average selling price increased 5% to $438,030. A household earning the average income can afford the average priced home in the GTA based on mortgage payments. The housing market has tightened since the summer but healthy market conditions continue to support a moderate increase in average home prices over the next year.