MLS Sales and selling prices in the GTA will stabilize and gradually increase over the course of 2011. In comparison to 2010, the totals for 2011 will be slightly lower due to very strong activity in the first part of 2010. MLS sales will reach 81,500, while the average selling price for the year will be approximately $428K.
New home sales will total 26,500 units in 2011, with high-rise projects accounting for the 55% of transactions.
Total housing starts will remain at virtually the same level as 2010 (approx. 30,000) as strong apartment starts offset a decline in single detached home construction.
The unemployment rate in Toronto will edge lower but remain elevated next year. as a result incomes will continue to grow below the rate of inflation.