realtyreport
Happy New Home!
Welcome to 2012 and to a whole new year of real estate opportunities!
The most recent results through the Toronto Multiple Listing Service® showed an 11 percent increase in residential real estate transactions year-to-year from November 2010 to November 2011, and a 14 percent increase in the number of new listings during that same period. Will this strong trend continue into 2012?
"We have seen strong annual sales 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 Toronto Real Estate Board (TREB) President Richard Silver. "The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions."
Jason Mercer, TREB Senior Manager of Market Analysis added, "Despite strong price growth this year, the housing market remains affordable in the GTA."
How is affordability determined? Mercer explains, "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. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace."
Please call today for a no-obligation consultation about how your real estate plans fit into 2012's bustling real estate climate.
