NEWS RELEASE : Toronto, November 3, 2011 – Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS®
in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.
Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.
“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”
The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.
“Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”
| Summary of TorontoMLS® Sales and Average Price | ||||||
| October1-31 | ||||||
| 2011 | 2010 | |||||
| Sales | Average Price | Sales | Average Price | |||
| City of Toronto ("416") | 3,124 | $522,606 | 2,690 | $490,660 | ||
| Rest of GTA ("905") | 4,518 | $447,388 | 3,814 | $409,043 | ||
| GTA | 7,642 | $478,137 | 6,504 | $442,799 | ||
| TorontoMLS® Sales & Average Price By Home Type | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 1,038 | 2,540 | 3,578 | 751,612 | 534,258 | 597,314 |
| Yr./Yr. % Change | 9% | 17% | 15% | 6% | 9% | 7% |
| Semi-Detached | 366 | 515 | 881 | 539,917 | 372,022 | 441,772 |
| Yr./Yr. % Change | 24% | 28% | 26% | 9% | 11% | 10% |
| Townhouse | 330 | 801 | 1,131 | 440,207 | 342,146 | 370,758 |
| Yr./Yr. % Change | 20% | 14% | 16% | 11% | 11% | 12% |
| Condo Apartment | 1,358 | 544 | 1,902 | 367,715 | 276,308 | 341,571 |
| Yr./Yr. % Change | 18% | 19% | 19% | 9% | 9% | 9% |
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board.
Media Inquiries:
Mary Gallagher,
Senior Manager Public Affairs
(416) 443-8158
Source: Toronto Real Estate Board (TREB)
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