Toronto at night by L
January 16, 2012
According to the Market Watch Report issued by the Toronto Real Estate Board (TREB), 4,718 transactions occurred in the TorontoMLS® system during December 2011. The total summary of 2011 amounts to the second best year so far recorded and is slightly (by 4 per cent) increased in comparison to the previous year.
TREB President Richard Silver considers low borrowing costs to be the major motivation for buyers. These kept them "confident in their ability to comfortably cover their mortgage payments along with other major housing costs".
The average selling price has risen 4 per cent in comparison to December 2010, amounting to $451,436. The selling price of 2011 was on average higher as well. The most common home type sold was detached housing, followed by condo apartments, semi-detached houses, and townhouses.
Jason Mercer, TREB's Senior Manager of Market Analysis, reflects on the pre-recession norm figures that were higher than in 2011. He thinks the situation is a result of increased selling prices.
Mercer also mentions TREB's estimation for average prices in 2012. This should be $485,000, which would mean a 4 per cent annual growth. He explained that the figures are based and forecast carefully with respect to the unstable economic situation and corresponding heightened level of risks.