reater Toronto Realtors reported 4,718 transactions through the
TorontoMLS® system in December 2011. The December result capped off the
second-best year on record under the current Toronto Real Estate Board (TREB)
boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in
comparison to 2010.
“Low borrowing costs kept Buyers confident in their ability to comfortably
cover their mortgage payments along with other major housing costs,” said TREB
President Richard Silver. “If Buyers had not been constrained by a shortage of
listings over the past 12 months, we would have been flirting with a new sales
record in the Greater Toronto Area,” added Silver.
The average selling price in December was $451,436 – up four per cent
compared to December 2010. For all of 2011, the average selling price was
$465,412, an increase of eight per cent in comparison to the average of $431,276
“Months of inventory remained below the pre-recession norm in 2011. Very
tight market conditions meant substantial competition between Buyers and strong
upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of
“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,” continued Mercer.