Where can I, the consumer, find more information about current Toronto real estate market conditions?
Subscribe to https://ourhometoronto.com// and or the Toronto Real Estate Board releases a publication twice a month, including a full statistical update on market conditions at the beginning of each month.
The following is a link to the Toronto Real Estate Board’s publication.
http://www.torontorealestateboard.com/market_news/release_market_updates/index.htm
Toronto, October 18, 2011 –Greater Toronto REALTORS® reported 3,477 transactions through the TorontoMLS® system during the first 14 days of October 2011. This total represented a 20 per cent increase over 2,890 sales reported during the first two weeks of October 2010. Year-over-year growth in new listings for the same period was slightly stronger than that recorded for sales – up 21 per cent to 6,249.
Growth in new listings outstripped growth in sales, meaning more choice for buyers. A growing number of home owners are reacting to the above average price growth reported this year and have decided to list their home for sale. They are confident they will receive timely offers in line with their asking prices.”
The average selling price during the first two weeks of October was $475,743 – up 7.5 per cent compared to the same period in 2010.
“The average resale home price is expected to grow at a slower pace in the months ahead because the market is becoming better supplied. There will be less competition between home buyers as we move through the fall and winter.” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “With a more balanced market in 2012, the average rate of annual price growth is expected to be in the mid single digits.”