Toronto Reflections by Paul Bica
According to a recently issued report, the real estate market in Toronto continued its healthy growth throughout November. Greater Toronto REALTORS®’ data show that the total number of residential transactions rose 11 per cent in a year-to-year comparison with November 2010 and witnessed more than seven thousand transactions. Furthermore, new listings were up 14 per cent compared to last year and provided a generous supply of realties, which only adds to the already well-balanced conditions on the market.
Toronto Real Estate Board (TREB) President Richard Silver commented on the data: ”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.”
Prices increased almost 10 per cent in comparison to 2010, climbing as high as the average price of $480,421. Despite the rapid increase, the affordability picture remains sufficiently high and shouldn’t interfere with future developments on the market. Experts expect prices to continue growing in 2012 — however, at a more moderate pace.