Want to know how the real estate market performed in 2011? The following article from Buzz Buzz Home Blog features a great recap of the media conference hosted in January about Toronto's real estate market.
After a record setting 2011, GTA new home market set to shift into high gear
At a media conference last week, RealNet revealed some incredible and meticulously compiled stats and then, in conjunction with BILD, held a super informative Q and A session.
You may remember our live tweetathon and blog storycovering the conference (it was pretty great).
Well, RealNet’s George M. Carras is not a shy guy when it comes to the media, and this week he’s back in the limelight again.
Here’s some choice facts and figures from Mr. Carras’s article:
- In 2011 the GTA’s condo market generated approximately $12.7 billion of new sales
- New highrise sales set a new record of 28,466 units
- Total new home sales also rose in 2011, the second high year on record
- Total new home supply declined, driving new home options for consumers to record low levels
- REITs, pension funds, institutional investors and private investors all invested record levels of capital into commercial real estate property in 2011
- Resales in 2011 were at the second highest level on record (TREB data)
- Low rise and high rise prices moved in different directions and as of December 31, the price gap was the widest on record ($111, 050)
- Low rise new home index price (detached, semis, townhomes and links) closed 2011 at $545,372, 8 per cent higher than December 2010
- The highrise new home index price at the end of 2011 was $434,322, down $7,341 from December 2010 but the index unit size also shrank by 52 square feet
Carras’s column will appear in New in Homes and Condos on the last Saturday of every month. Look out for it for some amazing insight into the GTA housing market.
For even more insight into the housing data, check out the full briefing that RealNet gave their “RealInsiders” before the media conference last week.
By Antiao H