Toronto, November 3, 2011 – The GTA real estate market is alive and well! There were 7,642 reported home sales through the TorontoMLS® in October 2011. This represents an increase of 17.5% compared to the 6,504 transactions reported for the same month last year, with an 8% increase on average price from last year!
So, you may be wondering what the market will look like in 2012? Speculation has it that the market will shift to more of a “balanced” market. This will mean fewer multiple offers simply because there will be more product for buyers to choose from….and choose they will. We still anticipate a good number of sales by year end 2012…forecast is 85,000 plus home sales by year end 2012 vs. the 90,000 sales that we’re trending toward for this year.
With interest rates holding at record low figures for 2012 and employment growth remaining healthy, we can expect the average sale price to increase between 4 and 5% for 2012.
So, looking forward to another strong year in the 2012 Toronto Real Estate market!
P.S. If you’d like the October figures and charts for your neighbourhood, or you’d like to review the 2012 indices that will impact the Toronto Real Estate market place, let me know…happy to forward them to you.
