Monthly Newsletter: December

The Toronto market continued at a very healthy pace in November, as the Toronto Real Estate Board reported 7,092 residential transactions, up 11% in comparison to November 2010.

The average price in the 416 area climbed to $524,805, up 10% from a year ago. It's a little cheaper in the suburbs, with the average price in the 905 area at $447,371, a jump of 9.7% from November 2010. The average price for November transactions, overall, in the GTA is $480,421 up almost 10% from November 2010.

Semi-detached homes increased 11% from last year at this time to $454,262 on a GTA wide basis, while townhouses were up in price 8% to an average of $367,727.  Condominium apartments prices also rose 8% during the same period to an average of $338,251.

Despite prices continuing to increase, the GTA market remains affordable. Affordability is calculated to be the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities versus accepted borrowing guidelines.

The big difference in this November versus 2010 is the number of homes for sale going into the December market. Last year the number of homes on the market was 8,642, this year its 15,551 almost double! That means the market is a little more balanced, giving buyers a chance to see several homes before they buy, with less pressure and fewer bidding wars. While prices will continue to rise in 2012, it will probably be more of an average rate of 4% - 6% as opposed to the large gains we have seen in 2011. As Richard Silver, president of TREB, said, "The market has also become better supplied, with annual new listings growth outstripped that of sales. As this trend continues into 2012, we will see more balanced market conditions."

With such a good supply of homes for sale, it really is a good time to buy. If you have considered upgrading your home or know of someone thinking of buying or selling, I would love to help. I am around and working, so please do not hesitate to call.

Here, I leave you with a video which sums up the numbers for November 2011.

Hope you and your family have a safe, happy and healthy Holiday Season, Happy New Year and Best Wishes throughout 2012!

Your friend in real estate,

P.S. I'm never too busy for your referrals
***All information and statistics via the Toronto Real Estate Board (TREB)***
***Image via Fresh Home Ideas***