Mid November 2011 Housing Market - GTA REALTOR Report Released

 

 

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

 

 

TORONTO, November 16, 2011 --

Greater Toronto REALTORS® reported 3,379 transactions through the TorontoMLS® during the first two weeks of November. This result represented more than a 13 per cent increase compared to November 2010. New listings were up 16 per cent over the same period.

"The results for the first two weeks of November point to two important facts: First, despite global economic uncertainty, buyers have remained confident in the affordable housing market in the GTA. Second, stronger growth in new listings means that it is becoming easier for buyers to find a home that meets their needs," said Toronto Real Estate Board President Richard Silver.

 

The average selling price through the first 14 days of November was $481,548 – up by 10 per cent compared to the average of $437,510 reported for the first two weeks of November 2010.

 

"Little or no movement is expected for mortgage rates through 2012. Low rates coupled with the consensus outlook for continued economic growth next year suggests that homes will remain affordable in the GTA and households will remain confident in doing deals. Look for the average selling price to advance to the $485,000 mark next year," said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

Summary of TorontoMLS® Sales and Average Price

November 1 - 14

2011

2010

Sales

Average Price

Sales

Average Price

City of Toronto ("416")

1,424

$526,540

1,288

$487,699

Rest of GTA ("905")

1,955

$448,777

1,694

$399,350

GTA

3,379

$481,548

2,982

$437,510

TorontoMLS® Sales & Average Price By Home Type

 

November 1 - 14, 2011

 

Sales

 

Average Price

 

416

 

905

 

Total

 

416

 

905

 

Total

 

Detached

 

487

 

1,093

 

1,580

 

754,805

 

544,879

 

609,584

 

Yr./Yr. % Change

 

16%

 

16%

 

16%

 

6%

 

14%

 

11%

 

Semi-Detached

 

168

 

215

 

383

 

570,684

 

368,142

 

456,985

 

Yr./Yr. % Change

 

24%

 

17%

 

20%

 

12%

 

8%

 

11%

 

Townhouse

 

165

 

339

 

504

 

418,092

 

332,284

 

360,376

 

Yr./Yr. % Change

 

24%

 

13%

 

16%

 

3%

 

7%

 

7%

 

Condo Apartment

 

589

 

262

 

851

 

361,461

 

276,747

 

335,380

 

Yr./Yr. % Change

 

1%

 

17%

 

6%

 

4%

 

15%

 

5%

 

Jayesh Bhavsar

Jayesh Bhavsar

Broker
CENTURY 21 New Star Realty Inc., Brokerage*
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