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GTA Realtors(R) Release Monthly Resale Market Figures

(January 05, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 01/05/12 -- 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 in comparison to 2010.

"Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs," said TREB President Richard Silver. "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," added Silver.

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 of $431,276 in 2010.

"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," 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.

Summary of TorontoMLS?? Sales and Average Price -------------------------------------------------------------------------- December 1-31 2011 2010 -------------------------------------------------- Sales Ave. Price Sales Ave. Price City of Toronto "416" 1,948 $474,270 1,818 $463,580 Rest of GTA "905" 2,770 $435,378 2,468 $411,383 GTA 4,718 $451,436 4,286 $433,523 -------------------------------------------------------------------------- -------------------------------------------------------------------------- TorontoMLS?? Sales & Average Price By Home Type --------------------------------------------------------------------------- Ave. December 1-31, 2011 Sales Price --------------------------------------------------------------------------- 416 905 Total 416 905 Total --------------------------------------------------------------------------- Detached 581 1,512 2,093 701,846 525,360 574,351 --------------------------------------------------------------------------- Yr./Yr. % Change 4% 12% 10% 3% 4% 3% --------------------------------------------------------------------------- Semi-Detached 202 289 491 517,152 365,417 427,842 --------------------------------------------------------------------------- Yr./Yr. % Change 20% 12% 15% 10% 9% 10% --------------------------------------------------------------------------- Townhouse 199 517 716 372,164 333,359 344,144 --------------------------------------------------------------------------- Yr./Yr. % Change 3% 20% 15% -7% 8% 2% --------------------------------------------------------------------------- Condo Apartment 943 363 1,306 351,104 275,173 330,000 --------------------------------------------------------------------------- Yr./Yr. % Change 7% -3% 4% 3% 9% 5% --------------------------------------------------------------------------- --------------------------------------------------------------------------- (i)The TREB boundaries include the City of Toronto, the Regions of Halton, Peel, York and Durham, Orangeville in Dufferin County and Adjala- Tosorontio, Bradford West Gwillimbury, Essa, Innisfil and New Tecumseth in Simcoe County.

Greater Toronto REALTORS?? are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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Get the latest real estate news & Market Watch information & summary videos www.TorontoRealEstateBoard.com

Contacts:
Media Inquiries:
Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com


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