Toronto housing sales remain strong – November 2011

There may be widespread economic panic in the rest of the world, but Toronto’s housing market keeps plowing ahead unscathed:

Consider these numbers:

$478,137: The average price of a house in the GTA in October, up almost 8 per cent from $443,633 at this time last year, according to the Canadian Real Estate Board.

$362,899: The national average price of a house, up 5.5 per cent from October, 2010.

16: The number of bids Monday on a Cleveland St. detached house in Toronto’s Yonge-Davisville area which sold for $146,000 over its $839,000 asking price.

“There was no shortage of headline news in October about global financial market volatility and economic uncertainty, but it doesn’t appear to have dampened homebuyers’ spirits,” said Gary Morse, president of the Canadian Real Estate Board in explaining why resale house buying activity picked up again in October after a strong September.

Realtors say they continue to see “cautiously optimistic” homebuyers buoyed by continuing low interest rates and Canada’s resiliency through the global economic crisis.

The only slight downturn appears to be in the high-end market — homes listed for more than $2 million — where both buyers and sellers tend to be more heavily employed in sectors with closer ties to global stock markets.

While a substantive increase in new listings has helped ease the bidding wars and upward pressure on prices that plagued the Toronto market in the spring, realtors say, competition remains fierce in some prime neighbourhoods.

Midtown realtor Richard Byford says he was “pleasantly surprised” to see about 70 couples, many with babes in arms, file through a weekend open house at the three-bedroom Cleveland St. home in Davisville Village he had listed for $839,000. But his jaw dropped when 16 officers were registered as of Monday.

“Low interest rates are driving a lot of it (continued demand despite the economic uncertainty) because it’s seen as free money,” says Byford.

Almost 400,000 homes have changed hands via the MLS system in Canada so far this year, up 1.8 per cent from the same period last year.

The average price nationally for a home stood at $362,899, up 5.5 per cent from October 2010.


Source: Toronto Star


About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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