According to the Toronto Real Estate Board’s latest press release, resale home transactions increased by 11 per cent in November 2011 over November 2010, to a total of 7,092 sales.
“We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said the president of the Toronto Real Estate Board, Richard Silver. “The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions.”
The number of new listings also increased by 14 per cent when compared to November of last year.
“Despite strong price growth this year, the housing market remains affordable in the GTA,” said Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis. “The correct method of assessing affordability is to consider the share of the average household’s income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace.”
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