GTA Real­tors® release resale mar­ket figures

Greater Toronto REALTORS® reported 7,642 home sales through the Toron­toMLS® in Octo­ber 2011. This rep­re­sented an increase of 17.5% com­pared to the 6,504 trans­ac­tions reported in Octo­ber 2010.

Monthly sales data fol­low a recur­ring sea­sonal trend that should be removed before com­par­ing monthly results within the same year. After adjust­ing for sea­son­al­ity, the annu­al­ized rate of sales for Octo­ber was 97,100, which was above the aver­age of 90,700 for the first three quar­ters of 2011.

“The pace of Octo­ber resale home trans­ac­tions remained brisk in the GTA. This bodes well for a strong fin­ish to 2011,” said Toronto Real Estate Board Pres­i­dent Richard Sil­ver. “Home buy­ers who found it dif­fi­cult to make a deal in the spring and sum­mer due to a short­age of list­ings have ben­e­fit­ted from increased sup­ply in the fall.“

The aver­age sell­ing price through the Toron­toMLS® in Octo­ber was $478,137 – up 8% com­pared to Octo­ber 2010.

“Sell­ers’ mar­ket con­di­tions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mer­cer, the Toronto Real Estate Board’s Senior Man­ager of Mar­ket Analy­sis. “Thanks to low inter­est rates, strong price growth has not sub­stan­tially changed the pos­i­tive afford­abil­ity pic­ture in the City of Toronto and sur­round­ing regions.“

City of Toronto (“416″)
2011 Sales: 3,124 | Aver­age Price: $522,606
2010 Sales: 2,690 | Aver­age Price: $490,660

Rest of GTA (“905″)
2011 Sales: 4,518 | Aver­age Price: $447,388
2010 Sales: 3,814 | Aver­age Price: $409,043

Entire GTA
2011 Sales: 7,642 | Aver­age Price: $478,137
2010 Sales: 6,504 | Aver­age Price: $442,799

Greater Toronto REALTORS® reported 5,770 con­do­minium apart­ment trans­ac­tions through the Toron­toMLS® sys­tem in the third quar­ter of 2011, rep­re­sent­ing a 24% increase over the same period in 2010. The aver­age sell­ing price increased by almost 9% to $333,352.

“Con­do­minium apart­ments have accounted for about one-quarter of total exist­ing home sales in the GTA this year. This share is expected to increase mov­ing for­ward, as new home sales and con­struc­tion has become increas­ingly dri­ven by high-rise con­struc­tion,” said Toronto Real Estate Board Pres­i­dent Richard Silver.

In line with new home sales and con­struc­tion trends over the last few years, con­do­minium apart­ment com­ple­tions have been high so far in 2011. When condo projects reach the com­ple­tion stage, investors and end users whose hous­ing needs have changed often list their units for sale or rent.

“The aver­age annual rate of price growth remained strong in the third quar­ter, despite the upward trend in com­ple­tions and active list­ings. This is because the pace of sales remained brisk, keep­ing sell­ers’ mar­ket con­di­tions in place,” said Jason Mer­cer, the Toronto Real Estate Board’s Senior Man­ager of Mar­ket Analysis.

City of Toronto (“416″)
2011 Sales: 4,156 | Aver­age Price: $356,182
2010 Sales: 3,298 | Aver­age Price: $329,917

Entire GTA
2011 Sales: 5,770 | Aver­age Price: $333,352
2010 Sales: 4,648 | Aver­age Price: $306,134

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Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.
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