Residential sales numbered 4,570 units in the fourth quarter of 2011. This was up 11 per cent from the same period a year earlier, marking the third consecutive quarter of year-over-year gains.

On an annual basis 22,466 residential properties traded hands in 2011, up seven percent from 2010.

Sales activity was up in all major housing categories. Apartment units posted the largest gain, rising 19 per cent from the fourth quarter of 2010. Single detached home sales were up eight per cent and townhouse and row unit sales increased 15 per cent year-over-year.

The number of months of inventory was up in the fourth quarter of 2011 for all major housing categories compared to the fourth quarter of 2010. A more balanced market in all three major housing types lead to mixed reactions by purchasers, as buyers of single detached homes took more time to shop, buyers of townhomes reduced their shopping time, and the median number of days on market for apartment units was unchanged.

The median sale price for single detached homes was up one per cent on a year-over-year basis to $392,500 in the fourth quarter of 2011.

The median sale price of townhouse and row units rose half of one percentage point to $291,548, and apartment unit sales rose 0.6 per cent to $229,450.