First an update from the Toronto Real Estate Board:
Second-Best Year on Record for Sales
Toronto, January 5, 2012 — For all 2011 the average selling price was $465,412, an increase
of eight per cent in comparison to the average of $431,276 in 2010. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.
The board president Richard Silver stated the low borrowing costs kept buyers confident in their ability to comfortably cover their mortgage payments and had we not experienced a shortage of listing inventory we may have set a new sales record.
What to expect from 2012
Jason Mercer, TREB’s Senior Manager of Market Analysis.
“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,”