realtyreport
2011: The Second-Best Year for Toronto Home Sales!
Toronto rang out 2011 with news from Greater Toronto REALTORS® that, with 89,347 sales within the current Toronto Real Estate Board (TREB) boundaries, 2011 was the second-best year on record!
"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. He added, "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."
The average selling price for December 2011 was $451,436 – up four percent compared to December 2010. For all of 2011, the average selling price was $465,412, showing an increase of eight percent 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 Senior Manager of Market Analysis.
Mercer continued, "TREB's baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four percent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook."
Wondering how your home fits into today's market and what the housing forecast is for 2012? Please call for a no-obligation discussion today!
