NEWS RELEASE 

 


GTA REALTORS® Release Monthly ResaleMarket Figures

 

TORONTO, January 5, 2012 -- Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.

“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. “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,” added Silver.

The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent 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’s Senior Manager of Market Analysis.

“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.

 

 

 

Summary of TorontoMLS® Sales and Average Price

 

 

December 1-31

2011

2010

 

 

Sales

Ave. Price

Sales

Ave. Price

 

 

City of Toronto "416"

1,948

$474,270

1,818

$463,580

 

 

Rest of GTA "905"

2,770

$435,378

2,468

$411,383

 

 

GTA

4,718

$451,436

4,286

$433,523

 

TorontoMLS® Sales & Average Price  By Home Type

 

 

 

December 1-31, 2011

Sales

 

 

Ave. Price

 

 

 

416

905

Total

416

905

Total

Detached

581

1,512

2,093

701,846

525,360

574,351

Yr./Yr. % Change

4%

12%

10%

3%

4%

3%

Semi-Detached

202

289

491

517,152

365,417

427,842

Yr./Yr. % Change

20%

12%

15%

10%

9%

10%

Townhouse

199

517

716

372,164

333,359

344,144

Yr./Yr. % Change

3%

20%

15%

-7%

8%

2%

Condo Apartment

943

363

1,306

351,104

275,173

330,000

Yr./Yr. % Change

7%

-3%

4%

3%

9%

5%

*The TREB boundaries include the City of Toronto, the Regions of Halton, Peel, York and Durham, Orangeville in Dufferin County and Adjala-Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth in Simcoe County.

 

 

 

- 30 -