Toronto Real Estate Board

Toronto Real Estate Board

December 06, 2011 11:40 ET

GTA REALTORS® Release Monthly Resale Housing Market Figures

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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