The October Market Watch is here!

GTA REALTORS® Release Resale Market Figures

TORONTO, November 3, 2011 — Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011.  This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.

Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year.  After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.

“The pace of October resale home transactions remained brisk in the GTA.  This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver.  “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”

The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.

“Sellers’ market conditions remain in place in many parts of the GTA.  The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”

Summary of TorontoMLS® Sales and Average Price
Oct 2011 Oct 2010
Sales Average Price Sales Average Price
City of Toronto (“416”) 3,124 $522,606 2,690 $490,660
Rest of GTA (“905”) 4,518 $447,388 3,814 $409,043
GTA 7,642 $478,137 6,504 $442,799
TorontoMLS® Sales & Average Price  By Home Type
Sales Average Price
416 905 Total 416 905 Total
Detached 1,038 2,540 3,578 751,612 534,258 597,314
Yr./Yr. % Change 9% 17% 15% 6% 9% 7%
Semi-Detached 366 515 881 539,917 372,022 441,772
Yr./Yr. % Change 24% 28% 26% 9% 11% 10%
Townhouse 330 801 1,131 440,207 342,146 370,758
Yr./Yr. % Change 20% 14% 16% 11% 11% 12%
Condo Apartment 1,358 544 1,902 367,715 276,308 341,571
Yr./Yr. % Change 18% 19% 19% 9% 9% 9%

 

 

Toronto Market Watch – October 2011

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