Toronto Real Estate Market Doing Great

Posted by on Mar 3, 2012 in GTA Real Estate Market | 0 comments

Realtors in the Greater Toronto Area(GTA) reported 4,567 sales through the Toronto MLS system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.

Extremely low mortgage rates has continued to keep the market strong. The buyer pool is large even across all price points and home types.

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011

Low inventory levels and increased buyers has kept the competition between buyers strong, resulting in the increase in home sale prices year over year. Strong price growth is expected to attract more listings. Once listing levels increase there should be a slower price rate increase as a result. This can be expected in the second half of 2012.

Read more