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TREB’s Mid-October Resale Market Figures

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TORONTO, October 18, 2011 — Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales – up 21 per cent to 6,249.

“The first two weeks of October seem to be pointing towards more balanced market conditions as we move toward 2012. Growth in new listings outstripped growth in sales, meaning more choice for buyers,” said Toronto Real Estate Board President Richard Silver. “A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices.”

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.

“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter.” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “With a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits.”

Summary of TorontoMLS® Sales and Average Price October 1 – 14
2011 2010
Sales Average Price Sales Average Price

City of Toronto (“416”)

1,408 $524,553 1,237 $499,740

Rest of GTA (“905”)

2,069 $442,527 1,653 $400,088

GTA

3,477 $475,743 2,890 $442,742
TorontoMLS® Sales & Average Price  By Home Type
Sales Average Price
416 905 Total 416 905 Total

Detached

450 1,143 1,593 754,240 530,339 593,588

Yr./Yr. % Change

2% 24% 17% 3% 10% 6%

Semi-Detached

183 245 428 545,995 364,649 442,188

Yr./Yr. % Change

33% 41% 37% 11% 7% 9%

Townhouse

151 372 523 461,112 343,510 377,464

Yr./Yr. % Change

23% 18% 20% 16% 12% 13%

Condo Apartment

609 251 860 369,528 272,190 341,119

Yr./Yr. % Change

16% 22% 18% 10% 10% 10%

 Source: TREB

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Kirby Chan Sales Rep., Director of Technology & Social Media
Keller Williams Real Estate Service
17 Church Ave., North York
Tel: (416) 222-6188 | Mobile: (416) 305-8008
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Author: Kirby Chan

I am a Real Estate Sales Representative servicing the Greater Toronto Area.

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