Looking Back at the 2011 Real Estate Market
Second-Best Year on Record for Sales
The December figures reported by Greater Toronto REALTORS(R) 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 - four per cent higher than 2010.
In Durham Region 9,853 homes sold in 2011 which was also the second-best year on record. 2007 still holds the record with 10,223 homes sold.
Number of Homes Sold in Durham Region
"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.
In 2011, the average selling price for all homes sold in the GTA was $465,412, an increase of 8% in comparison to the average of $431,276 in 2010.
Average Home Sale Price in Durham Region
"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.
Sales / Active Homes in Durham Region
