Toronto Real Estate Near Record in 2011
Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up 4% in comparison to 2010.
TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate 4% annual rate of price growth.
“Low borrowing costs kept buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.
The average selling price in December was $451,436 – up 4% compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of 8% in comparison to the average of $431,276 in 2010.
“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate 4% annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.
Summary of TorontoMLS® Sales and Average Price
City of Toronto (“416″)
2011 Sales: 1,948 | Average Price: $474,270
2010 Sales: 1,818 | Average Price: $463,580
Rest of GTA (“905″)
2011 Sales: 2,770 | Average Price: $435,378
2010 Sales: 2,468 | Average Price: $411,383
All of the GTA
2011 Sales: 4,718 | Average Price: $451,436
2010 Sales: 4,286 | Average Price: $433,523
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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