2011 was the Second Best year on record for Resale Home Sales - what to expect in 2012?
2011 was the Second Best year on record for Resale Home Sales - what to expect in 2012?
With 4,718 transactions through the Toronto MLS® system in December 2011, the year 2011 posted the second best year on record for Resale Home Sales. 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 Toronto Real Estate Board 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.
Here's a small Video on Market Watch by Jason Mercer, TREB's Senior Manager of Market Analysis.
