NEWS RELEASE 

 


GTA REALTORS® Release Mid-Month Resale Market Figures

 

TORONTO, October 18, 2011 -- Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales – up 21 per cent to 6,249.

"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® Sales and Average Price October 1 – 14

 

2011

2010

 

Sales

Average Price

Sales

Average 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® Sales & Average Price  By Home Type

Sales

Average 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%

 

 

 

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