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Toronto Home Prices Up 8% in 2011
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.
See complete Market Watch report →
January 6, 2012 in Toronto Real Estate Board | Permalink
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Comments
I think its the start of an upward trend. I hope we see real estate prices rise for the next several years!
Posted by: Gilbert House | Mar 1, 2012 10:20:19 PM
Increasing home prices mean more demand from Buyers = Good!
Posted by: Austin Owner Financed Homes | Feb 28, 2012 1:33:00 AM
Buying or selling property now a days become very hectic but realty estate agents makes it easy.
Posted by: Real Estate Sites in India | Feb 22, 2012 2:27:33 AM
Real Estate prices are falling around my part while rents are increasing.
Posted by: Owner Financed Homes in Austin | Feb 20, 2012 4:26:22 PM
Property prices hikes very much in every where. It is difficult to find the right investment in property.
Posted by: Real Estate Sites in India | Feb 17, 2012 2:06:12 AM
I am not suprised. Real Estate prices will continue to rise in the coming months.
Posted by: Mississauga condos | Feb 15, 2012 1:46:13 PM
8% is great.. but a gain is never a gain until it is realized. You would have to realize the gain either through leveraging credit or selling the house and moving to a smaller town or renting.
Posted by: Ontario Mortgage Broker | Feb 15, 2012 4:37:35 AM
Real in canada is moving up!!
Montgomery is awesome!!
Posted by: drew peacock | Feb 12, 2012 12:07:12 AM
I want to ask you 3 bhk house.
Posted by: Sugar Land Texas Real Estate | Feb 10, 2012 3:45:21 AM
The spring market is definately going to come earlier this year. It is a sellers market out there!
Posted by: square one condo | Feb 10, 2012 1:15:24 AM
Your post is certainly one of the best source of valuable information every reader must follow. Glad to hear a lot from you soon. Keep on sharing! Thanks
Posted by: erilong | Feb 9, 2012 12:04:01 AM
Excellent post. The housing market is one big question mark.
Posted by: Ontario Mortgage Broker | Feb 7, 2012 8:38:35 AM
Economist is on tap.
http://www.economist.com/node/21546057
Posted by: Arbitrage E. | Feb 3, 2012 2:10:56 PM
Wow what a post i am so impressed here can you more share here i will back to you soon as soon possible.
Thanks for sharing....
Mortgage Low Rate
Posted by: mortgagelowrate | Jan 29, 2012 8:58:37 AM
Sorry, meant to add ... for those of you who may not know, tosolds.ca is a site that lists all of the homes that are sold in your neighborhood. It is published every day
Posted by: J | Jan 28, 2012 10:43:53 AM
Please share with your readers that the tosolds.ca site will fold on Jan 30th unless a hundred people reply calling for it to stay on. It would be a real shame to see it go. I check it all the time after I first read about it on your blog. You can read more and find out what to do here: www.tosolds.ca
Reply before the 30th!!
Thanks,
J
Posted by: J | Jan 28, 2012 9:55:02 AM
I have to appreciate you for sharing this valuable information with everyone. This post will be useful for the real estate people and also it will be useful for the people who want to buy a house or a property. Please keep sharing new information like this one in future.
Posted by: Allyn W Maycumber | Jan 25, 2012 9:22:59 AM
four percent rise as compare to 2010 is great and i hope i will rise up-to 10% in 2012 as compare to 2011.
Posted by: Appraisal | Jan 24, 2012 3:09:26 PM
Hey guys...just checking out your blog and I noticed you had a few broken links in your blogroll. Here are a few:
Blue Collar Agents
City Life Real Estate Blog
Competition Analysis and Discussion
Condo Domain
Emily Scout
There are more too...let me know if you want the full list.
btw...if you're looking for another great real estate blog to add to your list, we'd love for you to add us!
Posted by: Marie | Jan 24, 2012 12:33:00 PM
Wow what a great post.I am impressed from it.
Thanks for more sharing........
Stratus Building Solutions
Posted by: stratusbuildingsolution | Jan 21, 2012 11:36:18 PM
These figures represent the entire Greater Toronto Area ..... our Local Uxbridge Area is just one tiny piece of it but personally it has been a good year so far and a great past few weeks.
Posted by: MazinGanim | Jan 21, 2012 5:23:30 AM
How do I get these guys to add www.cloudrealestate.ca to their blog roll!.. Great blog btw!
Posted by: Cloud Real Estate | Jan 20, 2012 3:33:53 PM
These increases are almost too good to be true. I wonder if the housing market will turn in 2012? I bought at the perfect time and I can only cross my fingers that the trend will continue.
Posted by: Isabella Mackenzie | Jan 20, 2012 8:01:09 AM
Great report on Selling Price Comparison.
We know in 2011 it was just 8% increase. But this hike in this comparison report.
Thanks for such great info.
Posted by: Turismo Rural | Jan 13, 2012 6:18:41 AM
I am agree with Jason Mercer, due to some substantial competition between Buyers, selling prices go upward. Thanks for providing this great survey regarding upward selling price, this will help to define new selling strategy for 2012.
Posted by: Dream House | Jan 10, 2012 6:07:20 AM
