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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.
For
more information contact:
Wendy Craven
Director, Public Relations
Toronto Real Estate Board
Office: (416) 443-8159
24Hour Cell: (416) 277-7390
Email: wcraven@trebnet.com | 
