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2012 Starts With A Bang

January 17, 2012   Buying Real Estate, Central Toronto Real Estate, East Toronto Real Estate, Leaside Real Estate, Midtown Toronto Real Estate, Selling Real Estate, Toronto Real Estate, West Toronto Real Estate

Greater Toronto REALTORS® reported 1,506 sales through the Toron­toMLS® sys­tem dur­ing the first two weeks of Jan­u­ary 2012. This result rep­re­sented a 6% increase com­pared to the first 14 days of Jan­u­ary 2011. New list­ings were also up on a year-over-year basis, but by a lesser 3.7%.

Com­ment: And this is what keeps upward pres­sure on the mar­ket. Sales keep grow­ing ahead of list­ings. The Toronto real estate mar­ket was already tight, with sales grow­ing at twice the pace of list­ings in 2011 (8% vs. 4%). Now we have sales ris­ing more than 60% faster than new list­ings, con­tin­u­ing the trend to a sell­ers’ mar­ket in Toronto.

“The mar­ket didn’t miss a beat after the hol­i­day sea­son, with robust sales growth con­tin­u­ing and sell­ers’ mar­ket con­di­tions remain­ing in place. Strong com­pe­ti­tion between buy­ers con­tin­ued to push the aver­age sell­ing price higher in the Greater Toronto Area rel­a­tive to a year ago,” said Toronto Real Estate Board (TREB) Pres­i­dent Richard Silver.

Toronto Real Estate Rising

The aver­age sell­ing price dur­ing the first two weeks of 2012 was $444,473 – up by more than 8.5% com­pared to the same period in 2011.

“Prices were up for most major home cat­e­gories in the GTA in com­par­i­son to last year. The strongest price growth was for single-detached homes in the City of Toronto. The aver­age price of sin­gles in the 416 area code was up by 22% year-over-year [to more than $700,000], point­ing to a greater weight­ing of higher end detached homes chang­ing hands com­pared to the same time last year,” said Jason Mer­cer, TREB’s Senior Man­ager of Mar­ket Analysis.

City of Toronto (“416″)
2012 Sales: 552 | Aver­age Price: $467,152
2011 Sales: 581 | Aver­age Price: $416,647

Rest of GTA (“905″)
2012 Sales: 954 | Aver­age Price: $431,351
2011 Sales: 839 | Aver­age Price: $404,341

All of the GTA
2012 Sales: 1,506 | Aver­age Price: $444,473
2011 Sales: 1,420 | Aver­age Price: $409,376

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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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