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Toronto Real Estate Market Continues Its Sales Growth – November 2011

Toronto Real Estate Stats November 2011

Toronto Real Estate Stats November 2011

Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year.

“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Toronto Real Estate Board (TREB) President Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”

The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.

“Despite strong price growth this year, the housing market remains affordable in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace.”

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

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
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

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November 2011 Toronto Real Estate Market Watch Statistics

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Toronto Real Estate Market Outlook – August 2011

Kirby Chan's Market Outlook Graphs

August 2011 Graphs

Based on the recent Market Watch by the Toronto Real Estate Board, we had a strong August that is going to pushing us ahead into a good fall market.

A reported 7,542 sales in the TorontoMLS® system translates into a 24 per cent increase over 6,083 sales in August 2010.

New listings were up 20 per cent at 12,509 compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.

“Home sales in the GTA have stood up well despite a less certain economic outlook,” said Toronto Real Estate Board President Richard Silver. “Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for home buyers.”

I totally agree with our TREB President Richard Silver, the removal of the City’s land transfer tax could really boast the Toronto Real Estate market. Instead, I see more and more people moving in to the 905 area because they are getting more value.

Market conditions remained tight in the GTA but the average selling price  continued to grow strongly in August, up by more than 10 per cent year-over-year to $451,663.

“We remain on pace for the second best year on record for sales. Approximately 90,000 transactions are expected by the end of December,” said TREB’s Senior Manager of Market Analysis Jason Mercer. “Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year.”

August tends to be less robust month than July but overall for 2011, it was a better July to August transition than in 2010.

Wondering what your home or condo unit is worth? Contact Me, Just Click Here or call me directly at (416) 305-8008.

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
info@KirbyChan.com | www.KirbyChan.com (Home Buying & Selling Resource Guide)

Search Toronto Homes & Condos For Sale
Real Estate Toronto 360

Connect with me on:

Power Search – Realtor.ca Doesn’t Have This Much Info
Get My Free Buyer’s Guide & Search For Homes
Get My Free Seller’s Guide & Find Out What Your Home is Worth
Condo Resource Guide and Free Condo Search 

Press  “Like” below and help me get 100 likes on my Facebook page, only 25 more to go!
Kirby Chan Realtor Page
  Like · Comment· Share

TechSavvyAsian.com Realtor Resource – Learn more about using Real Estate Technology


Source: TREB

Toronto Real Estate Market Watch Data