TORONTO, January 17, 2012 – Greater Toronto REALTORS® reported 1,506 sales through the TorontoMLS® system during the first two weeks of January 2012. This result represented a six per cent increase compared to the first 14 days of January 2011. New listings were also up on a year-over-year basis, but by a lesser 3.7 per cent.
“The market didn’t miss a beat after the holiday season, with robust sales growth continuing and sellers’ market conditions remaining in place. Strong competition between buyers continued to push the average selling price higher in the Greater Toronto Area relative to a year ago,” said Toronto Real Estate Board (TREB) President.
The average selling price during the first two weeks of 2012 was $444,473 – up by more than 8.5 per cent compared to the same period in 2011.
“Prices were up for most major home categories in the GTA in comparison to last year. The strongest price growth was for single-detached homes in the City of Toronto. The average price of singles in the 416 area code was up by 22 per cent year-over-year, pointing to a greater weighting of higher end detached homes changing hands compared to the same time last year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
So here we are the start of a new sales year. Interest rates appear to be stable for the remainder of 2012. Inventory [available homes for sale] continue to be in short supply with the inevitable multiple offers when more than one buyer wants the same house.
Many of the pundits are talking about construction cranes and the inevitable lack of occupants for these newly constructed properties. Now lets add the one variable that no one is discussing;
The vacancy factor for Toronto rentals is very competitive. The Vacancy Rate appears to be around 1%. ONE percent. Rentals in high rise condo average $1,600 to $2,000 for a two bed two bath unit at Humber Bay Shore or Square One Mississauga
All of this may indeed be for only a limited time as demand may cause the rates to increase because of borrowing demand. Call now and let's beat the rush!
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