Home sales continue to rise. No decline in any forseeable future….

by Tim Broadway

Toronto Real Estate Board Releases October 2011 Resale Market Figures

Posted on November 11, 2011 by Real Estate Guide

 According to the latest from the Toronto Real Estate Board, resale home transactions jumped by 17.5 per cent in October 2011, up to 7,642 home sales from 6,504 home sales last year.

October 2011 sales and average prices from the Toronto Real Estate Board.

 For the entire year, seasonally adjusted home sales in the Greater Toronto Area for 2011 hit 97,100, which is above average for the majority of 2011 – which was 90,700.

 “The pace of October resale home transactions remained brisk in the GTA,” said the president of the Toronto Real Estate Board, Richard Silver, in a press release. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”

 Home prices continue to increase slightly, up eight per cent in October 2011 to an average price of $478,137.

 “Sellers’ market conditions remain in place in many parts of the GTA,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, in the same press release. “The result has been above-average annual rates of price growth for most home types. Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”

Canadian Housing Market Remains Bright Spot: Canadian Real Estate Association Posted on October 26, 2011 by Real Estate Guide

According to the Canadian Real Estate Association’s latest statistics for the September 2011 real estate market, home sales across Canada have increased by 2.7 per cent over August 2011.

  “The Canadian housing market remains a bright spot against a backdrop of mixed headline news about the global economy,” said the president of the Canadian Real Estate Association, Gary Morse. “Low mortgage rates continue to draw buyers to the housing market, while recently tightened mortgage regulations are working as intended. That said, housing market trends often diverge from national trends due to local factors, so buyers and sellers should talk to a local Realtor to understand housing market trends at play where they live.”

The September 2011 sales-to-date are also in-line with the average for the last 10 years. Check out the graphic on the left for more information on the 10-year homes sales averages across Canada.

Gregory Klump, the chief economist at the Canadian Real Estate Association, also had this to say: “Canada’s housing market remains stable amid continuing financial market volatility, contributing to Canadians’ confidence in the economy and providing support for Canadian economic growth. Interest rates are expected to remain low and for longer, and evidence suggests that recent changes to mortgage regulations are preventing the kind of excesses they were designed to avert. Both of these developments are good news for the housing market.”