Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. 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 when compared to the total for 2010.
The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average sale price of $431,276 during 2010.
Low borrowing costs helped both first time buyers and move up buyers participate in the marketplace “Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices during periods of the year,” said 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,” continued Mercer.
Durham Region sales returned solid and stable results. Total sales with Durham Region during 2011 totaled 9,807, up almost six percent from the 9,242 sales recorded during 2010. The average sale price recorded during 2011 was $317,232, up five cent from the average sale price of $299,448 achieved during 2010.
Looking forward, it appears that 2012 should return similar results within Durham Region. The appreciation achieved during 2011 is in line with the results recorded during most years in the past decade. Real estate in Durham is stable and the market continues to grow. Additional infrastructure such as highway 407 is expected to boost demand within the region. Unlike other investments, real estate continues to offer homeowners very solid and stable appreciation.
For more insight into the local real estate market with Durham Region, contact me at:
Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage, Whitby
905-427-1400 or 905-668-1800
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