A balanced market – much anticipated by GTA resale home buyers – is becoming a reality, according to the Toronto Real Estate Board.

“The market has balanced out from record levels of sales in the second half of 2009 and the first few months of 2010,” says TREB president Bill Johnston.

October sales figures showed a 21% decline over October 2009 figures (from 8,476 in October 2009 to 6,681 in October 2010), while average prices rose 5% (to $443,729), continuing a trend seen in the past several months.

While real estate gurus are not yet going out on a limb, a more balanced market combined with an increase in October in the number of days on market may see prices start to level off.

Meanwhile, a new report indicates that sales of condos now represent one in three homes sold in the GTA. First-time homebuyers, who don’t feel they can afford to pay current prices for a single-family home, are flocking to condo developments in record numbers.

So, what does October’s news say to potential homebuyers? First, a home is still one of the best investments you can make. With low mortgage rates and possible leveling off of prices, your dream may soon be within your reach.

Second, if you are in the market for a condo, look seriously at buying now while the large number of condo units available at affordable prices offers a wealth of choices.