Greater Toronto REALTORS® reported 3,477 transactions through the Toronto MLS® system during the first 14 days of October 2011. This represented a 20% increase over 2,890 sales reported during the first two weeks of October 2010.
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. read more
New listings continued to grow strongly in the first two weeks of October 2011 – up 21 per cent to 6,249 from the same period in 2010. Sales-to-new listings ratio was 0.56, indicating the market is in the balanced area. read more
This is good news for home buyers. As growth in new listings outstripped growth in sales, the market will continue to move towards a more balanced one. As a result, home buyers will have more choices and less competition from fellow home buyers. Home price increase can also be expected to grow at a slower pace in the months ahead as the market is becoming better supplied.