Strong Sales/Price Growth Continue in 2012
February 3, 2012 -- Greater Toronto REALTORSÂ® reported 4,567 sales through the TorontoMLSÂ® 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.
â€śA 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,â€ť said Toronto Real Estate Board President Richard Silver.
â€śThe buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,â€ť continued Silver.
The average selling price for January 2012 transactions was $463,534 â€“ up by almost nine per cent compared to January 2011.
â€śLow 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,â€ť said Jason Mercer, the Toronto Real Estate Boardâ€™s Senior Manager of Market Analysis.
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