February 3, 2012 -- Greater Toronto REALTORS® reported 4,567
sales through the TorontoMLS® 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.
“A 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,” said Toronto Real Estate Board President Richard
Silver.
“The buyer pool remains diverse in the GTA with strong interest in home types
across the pricing spectrum,” continued Silver.
The average selling price for January 2012 transactions was $463,534 – up by
almost nine per cent compared to January 2011.
“Low 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,” said Jason
Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
