Garry Marr – Finan­cial Post

The country’s largest hous­ing mar­ket con­tin­ues to post dou­ble digit year over year price increases  — likely mean­ing the national aver­age will get a boost when the fig­ure is  released by the Cana­dian Real Estate Asso­ci­a­tion on Dec. 15.

The Toronto Real Estate Asso­ci­a­tion says the aver­age price of a detached home in the 416 dis­trict climbed past the $750,000 mark. Detached home prices rose 12% from a year ago to $776,017. It’s a lit­tle cheaper in the sub­urbs with the aver­age detached home in 905 sell­ing for $540,299, a 10% jump from a year ago.

“We have seen strong annual growth through the 2011 fall mar­ket. The increase in trans­ac­tions has been broad-based, with strong growth across low-rise and high-rise home types through­out the Greater Toronto Area,” said Richard Sil­ver, pres­i­dent of TREB.

Sales across the GTA climbed to 7,092, an increase of 11.1% from a year ago. Sup­ply kept pace with new list­ings climb­ing to 9,786 in Novem­ber for a 14% jump from a year.

The num­bers of days on the mar­ket has also been shrink­ing with the aver­age home sell­ing in 29 days, a 14.9% drop from the 34 days it took a year earlier.

The Toronto hous­ing boom appears to be across all home types. In the semi-detached cat­e­gory there was an 11% price increase from year ago to $454,262 on a GTA wide basis. Town­houses were up in price 8% to an aver­age of $367,727 while condo apart­ments prices also rose 8% dur­ing the same period to an aver­age of $338,251.

Despite the surge, TREB main­tains the GTA mar­ket remains afford­able. “The cor­rect method of assess­ing afford­abil­ity is to con­sider the share of the aver­age household’s income that is ded­i­cated to mort­gage prin­ci­pal and inter­est, prop­erty taxes and util­i­ties,” said Jason Mer­cer, TREB’s senior man­ager of mar­ket analy­sis. “Cur­rently, this share remains in line with gen­er­ally accepted lend­ing guidelines.”

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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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