TREB Market Watch - Greater Toronto Area REALTORS® Report November Resale Housing Market Figures

December 7, 2011 - Updated: December 7, 2011

Healthy Fall Market Continues in November

 

TORONTO, December 6, 2011

 

-- Greater Toronto REALTORS® reported 7,092 residential transactions through the Toronto MLS® 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.”

 

For the complete Market Watch report, please click HERE 

 

If you are thinking of selling or buying real estate and would like further information in order to assist you in making an informed decision, please call the expert real estate team of:

 

Paul Magnus, Timothy Burke and Kalev Koop - Sales Representatives

Coldwell Banker Terrequity Realty, Brokerage - 416-366-8800

 

 

Paul Magnus and Timothy Burke are long-time residents at Yonge and St Clair in the heart of Deer Park. They have intimate knowledge of the area and specialize in midtown condos  in the Yonge Street Corridor between Eglinton and Bloor. Buildings such as 38 Avoca, 10 Delisle, 33 Delisle, 55 Delisle, Granite Place, 10 and 20 Avoca and more are just a few of the many buildings that they can speak authoritatively about! Visit their website at www.MagnusBurke.com today.

 


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