TORONTO, ONTARIO--(Marketwire - Feb. 3, 2012) - Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® 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.
"A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership," said Toronto Real Estate Board President Richard Silver. "The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum," continued Silver.
The average selling price for January 2012 transactions was $463,534 - up by almost nine per cent compared to January 2011.
"Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.
| Summary of TorontoMLS® Sales and Average Price | |||||||
| January 1 - 31 | |||||||
| 2012 | 2011 | ||||||
| Sales | Average Price | Sales | Average Price | ||||
| City of Toronto ("416") | 1,705 | $499,045 | 1,677 | $446,458 | |||
| Rest of GTA ("905") | 2,862 | $442,380 | 2,522 | $412,000 | |||
| GTA | 4,567 | $463,534 | 4,199 | $425,762 | |||
| TorontoMLS® Sales & Average Price By Home Type | |||||||
| January 1 - 31, 2012 | |||||||
| Sales | Average Price | ||||||
| 416 | 905 | Total | 416 | 905 | Total | ||
| Detached | 559 | 1,577 | 2,136 | 743,993 | 530,129 | 586,098 | |
| Yr./Yr. % Change | 9% | 15% | 13% | 15% | 5% | 8% | |
| Semi-Detached | 157 | 336 | 493 | 526,599 | 377,456 | 424,952 | |
| Yr./Yr. % Change | -5% | 16% | 8% | 6% | 11% | 7% | |
| Townhouse | 194 | 531 | 725 | 410,129 | 340,957 | 359,467 | |
| Yr./Yr. % Change | 10% | 19% | 16% | 7% | 10% | 9% | |
| Condo Apartment | 775 | 351 | 1,126 | 343,835 | 272,103 | 321,475 | |
| Yr./Yr. % Change | -2% | 1% | -1% | 5% | 7% | 5% | |
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.
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Contact Information:
Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com