NEWS RELEASE 

 


GTA REALTORS® Release Monthly Resale Housing Market Figures

 

TORONTO, December 6, 2011 -- Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010.  At the same time, the number of new listings was up by 14 per cent in comparison to last year.

 

“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.”

 

The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.

 

“Despite strong price growth this year, the housing market remains affordable in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.  “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.”

 

 

Summary of TorontoMLS® Sales and Average Price November 1 - 30

 

2011

2010

 

Sales

Average Price

Sales

Average Price

 

City of Toronto ("416")

3,027

$524,805

2,742

$477,092

 

Rest of GTA ("905")

4,065

$447,371

3,642

$407,682

 

GTA

7,092

$480,421

6,384

$437,494

 

TorontoMLS® Sales & Average Price  By Home Type November 1 - 30, 2011

Sales

Average Price

416

905

Total

416

905

Total

Detached

975

2,259

3,234

776,017

540,299

611,364

Yr./Yr. % Change

9%

12%

11%

12%

10%

10%

Semi-Detached

333

449

782

562,064

370,827

452,262

Yr./Yr. % Change

13%

13%

13%

13%

8%

11%

Townhouse

350

711

1,061

418,050

342,954

367,727

Yr./Yr. % Change

17%

4%

8%

2%

11%

8%

Condo Apartment

1,336

546

1,882

365,131

272,479

338,251

Yr./Yr. % Change

9%

18%

11%

8%

9%

8%

 

 

 

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