2012 has come roaring out of the gate in the hot GTA market. The Toronto Real Estate Board reported that year-over-year, there was a 6% increase in sales and a 3.7% increase in new listings during the first two weeks of January 2012. Furthermore, prices continued to climb, with average prices soaring 8.5% compared to the same time period last year. The market didn't miss a beat after the holiday season, with robust sales growth continuing and sellers' market conditions remaining in place.
Strong competition between buyers continued to push the average selling price higher in the GTA relative to a year ago and the continued existence of outside forces like supply and demand and a favourable borrowing environment are enough to allow the market to rise above seasonal slowdowns as well as fueling what portends to be a banner spring market.