2011 was a great year for Toronto real estate with the average home price being $465,412, up 8% from the previous year. The start of 2012 has continued on this positive trend. Average home prices in the GTA are up 8.9% in January 2012 over January 2011 — at $463,534. Record low fixed mortgage rates has kept home buyers confident, and has attracted many people into Toronto’s diverse buying pool.
January 2012 saw 4,567 (resale) houses change hands in comparison with 4,199 January 2011 (an increase of 8.8%).
The graph below shows month-by-month averages prices in 2011 and 2012:
Supply levels are down 9.1% Jan 2012 over Jan 2011, while demand is up by 8.8%. This means continued competition amongst buyers for fewer homes. The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|Jan 2011||Jan 2012|
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). The first column is the average prices for January 2012, and the next column displays year-to-date cumulative totals. Normally, this number would be different than the first column — but we only have one month of data for 2012 so far.
|Overall Toronto Average Prices by Type|
This wraps it up for the GTA update. In the following section, I will review the figures for the Beaches (E1) and Lesliville/Riverdale (E2).
Continuing with the trend from last year, both districts are well above the averages prices for the entire city. I expect that this growth will continue into 2012. It is also important to keep in mind the actual number of houses sold in each district for January. 42 homes were sold in E1 (Leslieville/Riverdale), and 45 sold in E2 (Beaches):
|E1 (Leslieville/Riverdale) & E2 (Beaches)|
The next chart is a breakdown of houses prices by types, similar to earlier in update — but specific to E1 and E2. This is helpful in giving you a baseline price of what your house may be worth. Keep in mind, there are various factors that will affect the final price of your home that may lead it to be above or below the figures listed:
|E1 & E2 Average Prices by Type – JAN 2012|
Thanks for reading my market update for January 2012. As always, if you have questions, looking to sell your home or would like dig deeper on the information above, let me know – I’m happy to help! Enjoy the unseasonably warm weather we have been enjoying. Spring is right around the corner!