According to the Toronto Real Estate Board (TREB), there were 4,718 sales through the Multiple Listing Service (MLS) in December. This is a 4 per cent increase from December 2010. Total Sales for 2011 were 89,347 up 4 per cent from 2010. This year has been marked, the second best year for sales, under the current TREB boundaries.
December saw an average selling price of $451,436 - which is a four per cent increase from the average selling price of $433,523 reported in December 2010. For all of 2011, the average selling price was $465,412, which in comparison to the average in 2010 of $431,276, is an increase of eight per cent.
While keeping in mind the uncertain global economic outlook, TREB's average price baseline forecast for 2012 is $485,000, indicating a more moderate growth rate of four per cent.
According to TREB president Richard Silver, we should of been setting a new sales record in the Greater Toronto Area, though a shortage of listings over the past 12 months had buyers constrained. Keeping Buyers confident, that they could both afford a mortgage and other housing costs, was mainly due to the consistent low borrowing cost throughout the year.
The median price in December 2011 was $384,250.
The median price in December 2010 was $355,000.
"Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices" said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).