Toronto Town House
According to a Greater Toronto REALTORS®'s market report on November, the real estate market in Toronto continued its successful fall results. The total number of transactions more than exceeded seven thousand, and saw an 11 per cent increase in comparison to November 2010. New listings also went up by a rapid 14 per cent in a year-to-year comparison.
Toronto Real Estate Board (TREB) President Richard Silver commented on the favourable results: "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." He further added that the new listings will contribute to achieving even better balance on the market by providing sufficient supply to meet the buyers needs.
Sales growth was accompanied by a 10 per cent increase in prices compared to 2010. The good news for the market is that such rapid price growth doesn't seem to cause bigger problems in terms of the affordability picture for Torontonians. Prices are forecast to continue growing throughout 2012.