Your GTA realtyreport
GTA Springs Into Strong Real Estate Season
Greater Toronto REALTORS® enjoyed an impressive start to 2012, reporting an 8.8 percent increase in sales activity for January 2012 over January 2011. The spring season promises even more positive action.
"A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept homebuyers confident in their ability to achieve the Canadian goal of homeownership," said Toronto Real Estate Board (TREB) President Richard Silver. "The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum."
As year-over-year sales increased, so did the average selling price in the GTA, with an average January selling price of $463,534, showing an increase of almost nine percent over last January's average selling price.
"Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012," said Jason Mercer, TREB Senior Manager of Market Analysis.
Wondering how much your property might be worth in today's market? Interested in seeing what other homes are selling for? Simply pick up the phone and ask for a no-obligation property evaluation and the most recent market updates!
