GTA REALTORS® Release Mid-Month Resale Market Figures
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS Release Mid-Month Resale
Market Figures
TORONTO, October 18, 2011 – Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales – up 21 per cent to 6,249.
“The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012. Growth in new listings outstripped growth in sales, meaning more choice for buyers,” said Toronto Real Estate Board President Richard Silver. “A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices.”
The average selling price during the first two weeks of October was $475,743 – up 7.5 per cent compared to the same period in 2010.
“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter.” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “With a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits.”
Summary of TorontoMLS Sales and Average Price October 1 14
2011
2010
Sales
Average Price
Sales
Average Price
City of Toronto (“416″)
1,408
$524,553
1,237
$499,740
Rest of GTA (“905″)
2,069
$442,527
1,653
$400,088
GTA
3,477
$475,743
2,890
$442,742
TorontoMLS Sales Average Price By Home Type
Sales
Average Price
416
905
Total
416
905
Total
Detached
450
1,143
1,593
754,240
530,339
593,588
Yr./Yr. % Change
2%
24%
17%
3%
10%
6%
Semi-Detached
183
245
428
545,995
364,649
442,188
Yr./Yr. % Change
33%
41%
37%
11%
7%
9%
Townhouse
151
372
523
461,112
343,510
377,464
Yr./Yr. % Change
23%
18%
20%
16%
12%
13%
Condo Apartment
609
251
860
369,528
272,190
341,119
Yr./Yr. % Change
16%
22%
18%
10%
10%
10%
For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca
For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.
Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com
Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 31,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com
Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2011/nr_mid_month_1011.htm
Tags: Toronto Realtor