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Toronto Market Healthy in November
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."
See Toronto Market Watch report »
Historic Annual Sales and Average Price »
December 6, 2011 in Toronto Real Estate Board, Toronto Real Estate Market | Permalink
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Comments
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Posted by: jessica | Jan 9, 2012 7:52:09 AM
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We think there are a lot of confused people at the moment. There is a good chance that the market is getting ready for some sort of break out- not certain which way tho.
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Posted by: Texas 15 Hour MCE Course | Dec 20, 2011 2:46:52 PM
I'm interested to hear analysis on how future rising interest rates will affect this hot market and the increase in prices.
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Posted by: luckmervil | Dec 16, 2011 4:17:32 AM
"Despite strong price growth this year, the housing market remains affordable in the GTA..."
Funny, most people agree that the housing prices in the GTA and most of Vancouver are incredibly inflated and far from affordable. But, of course, people will continue to buy which hopefully means that the Canadian economy will remain strong.
Posted by: Rosy Saadeh | Dec 13, 2011 4:31:52 PM
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Posted by: town planner melbourne | Dec 10, 2011 4:40:05 AM
"Despite strong price growth this year, the housing market remains affordable in the GTA,"
this only means that the houses in GTA still deserves the price and has big demand.
Posted by: Teyona | Dec 8, 2011 9:25:55 AM
