It's that time of month again when GTA Realtors release their mid-month resale market figures. The numbers show a 20 percent increase in transactions over the same period last year and the average selling price was up 7.5 percent compared to last year. According to TREB President Richard Silver "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." See the full article below.
GTA Realtors(R) Release Mid-Month Resale Market Figures
"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(R) Sales and Average Price October 1 - 14
----------------------------------------------------------------------------
2011 2010
-----------------------------------------------
Average Average
Sales Price Sales 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(R) Sales & Average Price By Home Type
Average
Sales 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%
----------------------------------------------------------------------------
----------------------------------------------------------------------------