“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 |
|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|
|TorontoMLS® Sales & Average Price By Home Type November 1 - 30, 2011 |
|Yr./Yr. % Change||9%||12%||11%||12%||10%||10%|
|Yr./Yr. % Change||13%||13%||13%||13%||8%||11%|
|Yr./Yr. % Change||17%||4%||8%||2%||11%||8%|
|Yr./Yr. % Change||9%||18%||11%||8%||9%||8%|
*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.
Jason Mercer Senior Manager, Market Analysis,
discusses the Market Watch Report for November 2011.
Hosted by Shannon Kelly - Social Media Manager.
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