As 2011 winds up, the latest numbers show that Toronto’s resale housing market is on the upswing.
The Toronto Real Estate Board (TREB) reported 2,699 transactions during the first 14 days of December. This result was 11 per cent above the number of transactions recorded during the same period in 2010. On a year-to-date basis, sales amounted to 87,407 - up 4.3 per cent compared to 2010.
“We have had the second best year on record for transactions under the current Toronto Real Estate Board boundaries. Households have continued to take advantage of affordable home ownership options across the diverse array of housing types available in the Greater Toronto Area,” said TREB President Richard Silver.
The average selling price during the first two weeks of December 2011 was $460,967 - up six per cent in comparison to December 2010.
“Strong average price growth, driven by seller's market conditions, has been largely mitigated by the continuation of very low borrowing costs this year. The share of average household income going toward mortgage principal and interest has increased only marginally and remains in line with accepted mortgage lending standards,” said Jason Mercer, TREB’s senior manager of market analysis.