As the year winds down, the Toronto Real Estate market continues its momentum. November generally slows down a bit every year due to normal seasonal fluctuations, yet we experienced growth over the same period last year. The Toronto Real Estate Board reported 7,092 (resale) home sales in November 2011, and increase of about 11% over the same period last year. Average (resale) home prices are up by almost 10% this year, the average price of homes sold this November being $480,421 versus $437,494 during November 2010. This number when weighted against other months brings our year-to-date average price to $466, 357.
The graph below shows month-by-month averages prices in 2010 and 2011:
The other major market indicator is supply (active listings) and demand (sales) levels. Supply is down 15%, while demand is up almost 11% November 2011 versus November 2010. The chart below illustrates the actual figures:
|Supply vs. Demand|
|Nov 2010||Nov 2011|
Naturally, Detached homes had the highest average sale price of $611,364. The chart below shows the average prices for various types of homes in Toronto in November, and Year-to-date. What is most intriguing about these numbers is the average price for a Condo Apartment being approx. $330,000. There was a time not so long ago, when $330,000 could realistically buy you a detached home in a decent neighborhood.
|Overall Toronto Average Prices by Type|
This concludes the overall Toronto update, the next section will dig deeper into the statistics for 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 July 2011 average followed by the Year-to-date average:
|E1 (Leslieville/Riverdale) & E2 (Beaches)|
The next table below displays the average prices for the various types of houses. 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|
This is the final update for 2011, and the last before the new website launches January 2012. As always, if you have questions or would like dig deeper on the information above, let me know – I’m happy to help! Have a great holiday season and see you in the New Year.