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
|
|
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