GTA REALTORS® Report Mid-Month Resale Housing Market Figures

The numbers are in for the first two weeks of December.  According to the MLS system, the GTA has seen a 4.3% increase in the number of sales on a year to date basis compared to 2010, and a 11%  increase for the first two weeks compared to last year.  Add to that the fact that the average selling price during the first two weeks of December 2011 was $460,967  (up six per cent in comparison to December 2010) and it hasn't been a bad start to the month! Check out the full report below.

NEWS RELEASE

TORONTO, December 16, 2011 – Greater Toronto REALTORS® reported 2,699 transactions through the TorontoMLS® system during the first 14 days of December. This result was 11 per cent above the number of transactions recorded during the same period in 2010. On a year-to-date basis, sales amounted to 87,407 – up 4.3 per cent compared to 2010.

“We have had the second best year on record for transactions under the current Toronto Real Estate Board boundaries. Households have continued to take advantage of affordable home ownership options across the diverse array of housing types available in the Greater Toronto Area,” said TREB President Richard Silver.
The average selling price during the first two weeks of December 2011 was $460,967 – up six per cent in comparison to December 2010.

“Strong average price growth, driven by seller’s market conditions, has been largely mitigated by the continuation of very low borrowing costs this year. The share of average household income going toward mortgage principal and interest has increased only marginally and remains in line with accepted mortgage lending standards,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.