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HAPPY NEW YEAR! Wishing you and your family health and happiness in 2012. Be Inspired ... By Your Real Estate Dreams!
We are real estate agents who offer a higher level of service through our partnership.
As sisters , we believe that the home and the neighbourhood in which you live can inspire your life to be filled with joy, comfort, simplicity, and much more.
We specialize in the neighbourhoods we live in, have lived in, and love. North Toronto: Yonge and Lawrence, Bedford Park, Lytton Park, Armour Heights, York Mills Heights, Cricket Club, Hoggs Hollow, Leaside, Deer Park, Bayview Village, Rosedale, Moore Park, Yorkville, and the Downtown core. |
| | Black and Black Highlights: | Quick GTA Update - Total 2011 GTA Sales@ 89,347 - Second Best Year in Toronto Real Estate Board's History!
January 9, 2012
December finished with 4,718 sales, which was an increase of 10% from December 2010. Average sale price is up 4.1% month/month ($451,000 versus $433,000 December 2010) and up 8% year/year ($465,412 for 2011 vs $433,000). It is important to note that the increase, thankfully, did not hit double digits as that would add pressure to the market with respect to affordability.
Active listings going into 2012 are at 12,868 units which is up 15% from last year. Inventory levels were low last year which made it difficult for buyers (and sellers who were wishing to buy before selling). It is unclear how much better the positive variance will benefit buyers with respect to increase in listings. TREB keeps track now of new listings on market in terms of 'months of inventory'. Currently estimates state there is approximately 2.2 months of inventory... which indicates a seller's market is still present. (Whereas 4 to 5 months of inventory indicates a balanced market and 5-7 months of inventory suggests a buyer's market. )
In 2011 there were 191 'High-end' ($1 million +) properties sold. The bulk of the properties were detached homes, few semi-detached, 8 condo apartments and 1 town home. Previous years are as follows : (2010 - 152; 2009 - 165; 2008 - 67; 2007 - 160).
Out of the 4718 properties sold in the GTA in December, approximately 60% of the properties were outside of the City of Toronto proper (Central, West, and East Districts). This appears to be a growing trend indicating more people are populating the outskirts of the City. Could this also be a bi-product of the Toronto Land Transfer Tax coupled with the Provincial Land Transfer Tax?
This 40% ratio in the GTA vs City of Toronto extends to many other statistics... For example 42% of the new listings are in Toronto, with approximately 58% new listings coming from outside the City. Meanwhile Toronto maintains a quicker turn around on sales with days on market being at 25.
The average sale price of a detached home in central Toronto for Dec 2011 tipped the scales at $1,091,000; where semi-detached homes average sales price is $654,000, condo-apartments $416,000, Co-op Apartments $325,000 and Co - ownership $188,000.
Active condo listings in the GTA are at 4449 with 56% of those listings coming from Central District #1.
Chestnut Park is predicting 85,000 sales in the GTA for 2012. Mortgage rates are predicted to stay the same or perhaps dip marginally.
Numbers are in for the first week of January. 602 properties have been sold in the GTA, 231 in Toronto... most properties were condos. Average sales price thus far is $426,000 which is the first time a negative variance has occurred in a month/month in a long time. (Last January average sales prices was at $427,000). This could be a blip as last year the Holiday ended earlier, where today is the first day back for schools and many employees. At this pace, 3800 sales are predicted for January 2012 (4,337 sales occurred in January 2011).
| For more information, please contact Leslie or Catherine at 416.925.9191 or blackandblack@chestnutpark.com.
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