According to the latest press release from the Toronto Real Estate Board, Toronto real estate sales saw their second-best year on record and sales were up overall four per cent when compared to 2010.
“Low borrowing costs kept buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said Richard Silver, the president of the Toronto Real Estate Board said in the press release. “If buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area.”
Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board, said, “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. TREB’s baseline forecast for 2012 is 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.”
For the full press release, including charts and detailed price descriptions, visit the Toronto Real Estate Board website here.
