Skyline Toronto by torontocitylife
The performance of the market in the Greater Toronto Area in December was like a Christmas present to the real estate agents in the area, as REALTORS® reported the second-best year on record for sales. The number of transactions through the TorontoMLS® system amounted to 4,178, which is perceived as a great result. The total amount of sales in 2011 reached as high as 89,347, posing a 4 per cent rise in year-to-year comparison to 2010.
Getting over the hurdle
Experts believe that the new Greater Toronto record in sales wasn’t reached only due to a shortage of listings throughout 2011, since buyers showed great confidence in handling the costs of purchasing the realty and paying-off their mortgages.
The average price of a transaction in December was $451,436 — an increase of four per cent compared to last year. As for 2011 overall, the average selling price was $465,412 — up eight per cent in comparison to 2010 average.
Jason Mercer, TREB analyst, commented on the 2012 prospects: “TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook.”
