TORONTO, ONTARIO--(Marketwire - Dec. 6, 2011) - 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."
| Summary of TorontoMLS® Sales and Average Price November 1 - 30 | ||||||||||||||
| 2011 | 2010 | |||||||||||||
| 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 | ||||||||
| GTA | 7,092 | $ | 480,421 | 6,384 | $ | 437,494 | ||||||||
| TorontoMLS® Sales & Average Price By Home Type November 1 - 30, 2011 | ||||||||||||||
| Sales | Average Price | |||||||||||||
| 416 | 905 | Total | 416 | 905 | Total | |||||||||
| Detached | 975 | 2,259 | 3,234 | 776,017 | 540,299 | 611,364 | ||||||||
| Yr./Yr. % Change | 9 | % | 12 | % | 11 | % | 12 | % | 10 | % | 10 | % | ||
| Semi-Detached | 333 | 449 | 782 | 562,064 | 370,827 | 452,262 | ||||||||
| Yr./Yr. % Change | 13 | % | 13 | % | 13 | % | 13 | % | 8 | % | 11 | % | ||
| Townhouse | 350 | 711 | 1,061 | 418,050 | 342,954 | 367,727 | ||||||||
| Yr./Yr. % Change | 17 | % | 4 | % | 8 | % | 2 | % | 11 | % | 8 | % | ||
| Condo Apartment | 1,336 | 546 | 1,882 | 365,131 | 272,479 | 338,251 | ||||||||
| Yr./Yr. % Change | 9 | % | 18 | % | 11 | % | 8 | % | 9 | % | 8 | % | ||
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.
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Contact Information:
Toronto Real Estate Board
Mary Gallagher, Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
www.TorontoRealEstateBoard.com