What a year! While the U.S. and most of Europe have been struggling with financial problems, Canada has managed to come out relatively unscathed. Of course, there has been a cost to pay here in Canada – but minor in comparison. That being said, Toronto real estate enjoyed it’s 2nd best year to date! We almost certainly would have broken the all-time record had their not been a shortage of listings over the year.

December 2011 saw 4,718 (resale) houses change hands in comparison with 4,286 December 2010. The average sales price for December was $451,436 – an increase of 4% compared with December 2010. For the entire year, the average sales price landed at $465,412 versus $431,276 in 2010 – an increase of 8%.

The Toronto Real Estate Board’s Market Analysis team is estimating an average price of $485,000 for 2012, which is a conservative estimate compared to the 8% growth experienced this year.
The graph below shows month-by-month averages prices in 2010 and 2011:

2011 Toronto Average Home Prices

Supply versus demand levels are fairly consistent with the same period last year, but there has been growth in each category. Demand (i.e. Sales) are up about 10%, while Supply (i.e. Active Listings) are up almost 15% from December 2010. The chart below illustrates the actual figures:

Supply vs. Demand
Dec 2010 Dec 2011
Demand 4,286 4,718
Supply 11,196 12,868

Next, on to housing prices by type – Detached houses in Toronto averaged at $574,351 in December, just below the average of $584,011 for the entire year. The chart below breaks down all the averages for December and the cumulative year totals:

Overall Toronto Average Prices by Type
Dec 2011 YTD
Detached $574,351 $584,011
Semi-Detached $427,842 $431,811
Attached/Row $388,168 $396,554
Townhouse $310,146 $317,471
Condo Apt $330,000 $331,345

This wraps it up for the Toronto-wide update. Now to dig deeper into my home turf of Leslieville/Riverdale and the Beaches.

E1 & E2 District Market Update

Now for a detailed look at the E1 (Leslieville/Riverdale) & E2 (Beaches) districts, the table below displays the average prices for the both districts. In the first column, you will see the December 2011 average followed by the Year-to-date average- which happens to be the final averages for 2011:

E1 (Leslieville/Riverdale) & E2 (Beaches)
Dec 2011 YTD
E1 $506,171 $545,851
E2 $621,314 $618,213

The next is a breakdown of average prices by various housing types (i.e. detached, semi, condo, etc). In the first column, you will E1 (Leslieville/Beaches), followed by E2 (Beaches) in the next column:

E1 & E2 Average Prices by Type – Nov 2011
E1 E2
Detached $654,188 $802,864
Semi-Detached $514,187 $565,815
Attached/Row $449,900 $955,000*
Townhouse $346,500 $480,000
Condo Apt $455,909 $350,633

*this number is not an accurate reflection of the average, since only 1 attached/row house sold in December in the Beaches.

That’s it for December, and 2011. As always, if you have questions or would like dig deeper on the information above, let me know – I’m happy to help! Hope you are having a productive start to the year.

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